Wienerberger AG, the world’s biggest brick maker, fell to a three-year low after the company warned investors that it saw “significant deterioration” in European building markets.
Wienerberger lost 34.9 cents, or 5.2 percent, to 6.401 euros at the 5:30 p.m. close in Vienna, the lowest since April 9, 2009. The company has lost 8 percent of its market value this year, while the 23-member STOXX 600 Construction & Materials index gained 7 percent.
“The macroeconomic environment has deteriorated significantly in recent months and led to further weakness in the construction sector throughout Europe,” Chief Executive Officer Heimo Scheuch said in an e-mailed statement. “Industry experts indicate that the current negative trend in European residential construction will continue through the end of the year.”
Wienerberger’s second-quarter net income fell 11 percent to 66.3 million euros ($82.7 million) on revenue of 653.6 million euros. Analysts expected a profit of 25.7 million euros on sales of 654.4 million euros, according to six estimates compiled by Bloomberg.