(Bloomberg) -- LafargeHolcim Ltd. first-quarter earnings missed expectations ahead of a shareholder meeting where management will try to convince investors of the benefits of creating the world’s biggest cement company, even as the value of their holdings has tumbled.

Adjusted operating earnings before interest, taxes, depreciation and amortization fell 22 percent in the first three months of the year to 824 million Swiss francs ($848 million), the Jona, Switzerland-based company said in a statement on Thursday. That compared with the 942 million-franc average estimate of eight analysts surveyed by Bloomberg. Revenue in the first quarter declined 5.5 percent to 6.1 billion francs, also missing estimates for 6.2 billion francs.

The company said it’s on track to meet 2016 targets.

To contact the reporter on this story: Alice Baghdjian in Zurich at To contact the editors responsible for this story: Tara Patel at, John Bowker, Ana Monteiro

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