HomeBussinessCRH sees earnings and sales rise in first quarter

CRH sees earnings and sales rise in first quarter


Related stories


The building materials giant reported revenues of $6.5bn (€6.03bn) for the quarter, up 2pc from the corresponding period in 2023.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) were $445m (€412.8m) in the period, rising 15pc.

CRH attributed the growth in the three-month period to to pricing, early-season activity and mild weather conditions, which helped to offset lower volumes in Europe.

The building materials group completed the acquisition of $2.1bn (€1.9bn) worth of materials assets in Texas during the period.

This portfolio includes cement and ready-mixed concrete assets, which were purchased from US firm Martin Marietta Materials.

The group completed seven other bolt-on acquisitions in the first quarter in an investment worth $100m.

It also agreed to acquire a majority stake in to Australian concrete maker Adbri for $700m in February. CRH partnered with the Barro Group, an Australian family-owned business for the deal.

Sales in the Americas Materials division were up 16pc in the first quarter compared with the same period last year. This followed price rises which offset higher input costs.

The building solutions division in this market delivered sales growth of 2pc, while sales in the European Building Solutions division recorded an 8pc decrease due to subdued new-build residential activity.

Total revenues in the Europe Materials Solutions fell 8pc as positive pricing was offset by a slowdown in activity due to poor winter weather.

The group transferred its primary listing to the New York Stock Exchange at the end of September.

It has now declared a new quarterly dividend of $0.35, which is payable in June.

CRH anticipates net income of between $3.55bn – $3.80bn in 2024. Adjusted Ebitda is expected to be between $6.55bn – $6.85bn this year, a 5.6pc – 10.5pc rise from last year.

Chief executive Albert Manifold said the first quarter is typically the “seasonally less significant period” for the business but pointed to a good performance driven by “positive pricing momentum, early-season project activity, favourable weather in certain regions and the contribution from acquisitions.”

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories