Switzerland-based sanitary products developer Geberit AGs net income increased 63.5% year over year in the second quarter of 2018.
The company reported net income of CHF171.4 million, or CHF4.69 per share, in the second quarter, up from CHF104.8 million, or CHF2.84 per share, in the same quarter of 2017.
Second-quarter sales totaled CHF807.3 million, up 10.3% from CHF732.2 million in the year-ago quarter. Operating profit increased 48.3% to CHF199.1 million from CHF134.3 million over the period.
For the first half, the company, which develops sanitary products and systems for the residential and commercial construction industry, reported net income of CHF347.1 million, or CHF9.48 per share, up from CHF258.2 million, or CHF6.99 per share, in the same period a year prior.
Sales increased 11.0% year over year to CHF1.63 billion from CHF1.47 billion in the year-ago half due to a positive environment in the construction industry and successful market activities, the company said. Currency-adjusted sales improved by 4.3% year over year.
Geberit expects currency-adjusted sales growth of about 4% in 2018 and an operating cash flow margin at the previous year's level. The company said raw material prices are expected to continue to rise in the third quarter and exceed the previous year's level in the second half.
Geberit's shares closed 1.58% lower Aug. 14.