CRH shrugs off bad weather as sales, profits shine
By Abigail Townsend
Date: Thursday 07 Nov 2024
(Sharecast News) - Shares in CRH continued to climb on Thursday, as the building materials group shrugged off bad weather to post a jump in quarterly earnings.
The London-listed, Dublin-based business said third-quarter total revenues rose 4% to $10.5bn, while net income sparked 5% at $1.4bn.
Adjusted earnings before interest, tax, depreciation and amortisation improved 12% to $12.5bn, and earnings per share put on 10% at $1.99.
Albert Manifold, chief executive, said the results represented "another strong performance with further growth in sales, profits and margins.
"Despite contending with adverse weather in the quarter, our differentiated solutions strategy continues to deliver industry-leading performance.
"We are pleased to reaffirm our guidance midpoint for 2024 and looking ahead to 2025, we expect favourable underlying demand, positive pricing momentum and another year of progress."
CRH currently expects 2024 net income to come in between $3.78bn and $3.85bn, and adjusted EBITDA between $6.87bn and $6.97bn.
On Wednesday, shares in CRH - which has considerable exposure to the US - jumped following the re-election of Donald Trump as US president, in common with other construction sector stocks.
Analysts believe that Trump's plans to drive the US economy will see an uptick in manufacturing and construction.
As at 1115 GMT on Thursday, the FTSE 250 stock had added a further 2% at 7,956p.
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