Sto SE & Co. KGaA Reports a Decline in Q1 2024 Revenue

Sto SE & Co. KGaA, an international manufacturer of building coating products, recorded a 5.9% decrease in its consolidated turnover in the first quarter of 2024 compared to the same period last year, amounting to EUR 340.5 million. The decline was influenced by adverse weather conditions and a general hesitancy to invest within the building sector. The company noted a decrease in turnover both in Germany and internationally, attributing part of the downturn to fewer working days in March 2024 and negative currency translation impacts.

Despite these challenges, Sto remains optimistic about its performance for the remainder of 2024, maintaining a turnover forecast of EUR 1.79 billion and expecting an EBIT between EUR 113 million and EUR 138 million. This projection is based on stable economic conditions and the absence of significant disruptions from ongoing geopolitical tensions. Additionally, Sto continues to invest in infrastructure and modernization projects, including the construction of new production facilities in Australia.