Saint-Gobain SA reported a 2.5% rise in revenue for the first 9M of 2008 on 22/10/08 & cut its full-year targets, as the company's business was hit by the continuing slowdown in EU residential markets. In the second warning on its financials for 2008, Saint-Gobain now seeks results "slightly below the targets announced at the end of July". In July, Saint-Gobain said it was "expecting operating income at constant exchange rates & recurring net income close to the high 2007 levels." Saint-Gobain said it anticipates an "overall decrease" in business volumes in 4Q 2008 in Western Europe, mainly Spain & the UK, & "to a lesser extent" in Eastern Europe. The company added that it will respond quickly to the downturn "by intensifying, in those countries concerned, its purposeful & vigorous cost-saving, workforce reduction & economic-adaptation programs, as announced in July 2008." Saint-Gobain said in July 2008 that it would step up its cost-cutting plans aimed at saving EUR 300 million in the year and which will lead to 4,000 job losses in 2008, in the US, Spain and the UK. Saint-Gobain said revenue for the first nine-months rose to EUR 33.44 billion from EUR 32.63 billion a year earlier, with sales growth hit by the weakness of both the US dollar and UK sterling.
