CRH PUBLIC LTD CO Quarterly Report for Q1 Ended Mar 31, 2024

Summary

CRH plc reported a net income of $114 million for the first quarter of 2024, a significant improvement from a net loss of $31 million in the same period of 2023. Total revenues increased by 2% to $6.5 billion, driven by pricing progress and contributions from acquisitions, which more than offset lower volumes in Europe. The company also saw a substantial increase in Adjusted EBITDA to $445 million, up 15% year-over-year, with an improved Adjusted EBITDA margin of 6.8%. Strategic capital allocation was a key theme, with $0.8 billion returned to shareholders via dividends and $0.4 billion through share buybacks. CRH also made significant acquisition investments totaling $2.2 billion in the quarter, including a large cement and readymixed concrete asset portfolio in Texas. The company expects a favorable market backdrop for the full year 2024, anticipating continued positive pricing momentum and benefiting from infrastructure spending in North America and Europe, despite a subdued outlook for residential construction.

Key Highlights

• 1Net income turned positive at $114 million in Q1 2024, a substantial turnaround from a $31 million net loss in Q1 2023.
• 2Total revenues grew 2% to $6.5 billion, driven by price increases and acquisition contributions.
• 3Adjusted EBITDA increased by 15% to $445 million, with the Adjusted EBITDA margin improving to 6.8%.
• 4Significant capital deployment includes $0.8 billion in dividends and $0.4 billion in share buybacks during the quarter.
• 5The company completed $2.2 billion in acquisitions, notably a substantial cement and readymixed concrete portfolio in Texas.
• 6Divestitures of European Lime operations generated $0.7 billion in proceeds.
• 7CRH anticipates continued growth in 2024, supported by favorable market conditions and infrastructure spending.

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