CRH Lifts Earnings Outlook, Dividend After Sales Grow

By Joe Hoppe

CRH lifted its outlook after delivering earnings and sales growth in the third quarter of the year.

The building-materials supplier said Tuesday that it now expects to deliver earnings before interest, taxes, depreciation and amortization of $6.3 billion for 2023, up from $5.6 billion a year before and prior guidance at the half-year point of $6.2 billion.

The company also said it will increase its dividend by 5% for the full year to $1.33, and expects pretax profit to be well ahead of 2022's $3.5 billion. CRH expects strong underlying demand in its key end-use markets in 2024, underpinned by significant infrastructure investment and increased re-industrialization activity, notwithstanding some macroeconomic uncertainty.

For the third quarter, the company delivered an 8% increase in sales to $26.3 billion, and Ebitda improved by 14% to $4.8 billion. CRH said this reflects positive momentum and strong commercial progress across its key markets.

"Our integrated solutions strategy continues to deliver superior growth, while our strong cash generation and disciplined approach to capital allocation enables us to create additional value for our shareholders," Chief Executive Albert Manifold said.

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(END) Dow Jones Newswires

November 21, 2023 02:32 ET (07:32 GMT)

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