01—Abstract
Summary
Summary of the 10-K filed February 29, 2024. Cited figures are marked; the original filing is the authoritative source.
CRH plc reported a robust financial performance in 2023, demonstrating resilience and strategic execution.
Total revenues reached $34.9 billiona, marking a 7% increase over 2022, driven by positive pricing across key markets and contributions from strategic acquisitions, partially offset by lower volumes in certain regions. The company's Adjusted EBITDA also saw a significant rise to $6.2 billion, indicating improved profitability and operational efficiency. This growth was fueled by strong demand in infrastructure projects, particularly in North America, supported by government funding initiatives like the Infrastructure Investment and Jobs Act (IIJA).
02—Key points
Key Highlights
- CRH plc achieved record total revenues of $34.9 billion in 2023, a 7% increase from the prior year, driven by strong pricing and acquisitions.
- Adjusted EBITDA increased by 15% to $6.2 billion, demonstrating improved profitability and operational leverage.
- North America was a key growth driver, with 73% of Adjusted EBITDA generated in the region, benefiting from significant public infrastructure investment.
- The company returned approximately $3.0 billion to shareholders through share buybacks and $0.9 billion in dividends in 2023, underscoring a commitment to shareholder returns.
- CRH completed 22 acquisitions totaling $0.7 billion in 2023, continuing its strategy of value creation through targeted M&A activity.
- The company reported a net income of $3.1 billion, with a strong operating cash flow of $5.0 billion, indicating healthy cash generation.
- CRH made progress on its sustainability goals, with revenues from products with enhanced sustainability attributes increasing by 10% compared to 2022.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2023, CRH Public Ltd Co kept $0.09.
- Revenue$34.95B100.0%
- Cost of revenue−$22.99B65.8%
- Gross profit$11.96B34.2%
- Operating costs−$7.78B22.3%
- Operating income$4.19B12.0%
- Interest, other & tax−$1.01B2.9%
- Net income$3.18B9.1%
Where FY2023 revenue went
$34.95B- Cost of revenue: $22.99B, 66% of revenue
- SG&A: $7.49B, 21% of revenue
- Net income: $3.18B, 9.1% of revenue
- Other operating costs: $291.0M, 0.8% of revenue
- Interest, other & tax: $1.01B, 2.9% of revenue
Kept 9.1% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2023filed February 29, 2024Financial Statements
FY2023 against FY2022
| Line item | FY2023FY2022 | Change |
|---|---|---|
| Revenue | $34.95B$32.72B | +6.8% |
| Cost of Revenue | $22.99B$21.91B | +4.9% |
| Gross Profit | $11.96B$10.81B | +10.6% |
| SG&A Expenses | $7.49B$7.06B | +6.1% |
| Operating Income | $4.19B$3.81B | +9.9% |
| Interest Expense | $376.00M$344.00M | +9.3% |
| Net Income | $3.18B$3.86B | −17.7% |
| EPS (Basic) | $4.36$5.15 | −15.3% |
| EPS (Diluted) | $4.33$5.11 | −15.3% |
| Shares Outstanding (Basic) | 723.90M758.30M | −4.5% |
| Shares Outstanding (Diluted) | 729.20M764.10M | −4.6% |
05—Questions
Frequently Asked Questions
What was CRH's overall financial performance in 2023?
CRH plc delivered a strong financial performance in 2023, with total revenues increasing by 7% to $34.9 billion and Adjusted EBITDA growing by 15% to $6.2 billion. This growth was supported by favorable market conditions, strategic acquisitions, and effective pricing strategies.
How did the company's geographic segments perform?
The North American market was a significant driver of CRH's performance, contributing 73% of Adjusted EBITDA. This was bolstered by substantial government investment in infrastructure. The European business also showed resilience, benefiting from infrastructure and repair and remodel demand.
What is CRH's strategy regarding acquisitions and capital allocation?
CRH continues to pursue a strategy of value creation through acquisitions, completing 22 acquisitions for $0.7 billion in 2023. The company also demonstrated a commitment to shareholder returns, returning $3.0 billion through share buybacks and $0.9 billion via dividends in 2023.
What are CRH's key priorities moving forward?
CRH remains focused on executing its integrated solutions strategy, capitalizing on infrastructure investment and re-industrialization trends. The company also prioritizes sustainable innovation, operational efficiency, and maintaining a strong and flexible balance sheet to support future growth and shareholder returns.
06—Continue