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Suez reports decline in first-quarter earnings

Suez CEO Bertrand Camus
CEO Bertrand Camus reported solid growth in
revenues in January and February.
30.04.2020 − 

Suez's waste management activities were the group's business area most heavily hit by the fallout of Covid-19 in the first quarter of 2020. Collection volumes from commercial and industrial (C&I) customers had fallen sharply, the French environmental services concern explained in its first quarter earnings report. Hazardous waste volumes had also dropped off significantly. Across the concern, however, the impact of the pandemic on the business had not been uniform. There were "some geographic areas and also industrial sectors and clients" for which activity levels continued to be normal, Suez reported.

In the first quarter, lower waste volumes and decreases in commodity prices caused revenues in the "Recycling & Recovery" segment, which pools the group’s global non-hazardous waste activies, to drop by 1 per cent to €1.82bn. Suez did not release profit figures for its individual business units.

Consolidated quarterly earnings were significantly lower. While Suez’s revenues were virtually unchanged at €4.2bn, earnings before interest and taxes (Ebit) fell by 21 per cent against the prior-year quarter, slipping from €293m to €231m. According to group CEO Bertrand Camus, the effects of the Corona crisis masked good first-quarter performance. "In January and February, in most of our geographies, revenue trends were solid in our three segments: Water, Recycling and Recovery, Environmental Tech and Solutions," he said.

Full coverage of Suez's quarterly report can be found in the print and e-paper edition of EUWID Recycling & Waste Management 10/2020 out on 13 May.

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