CRH (CRH) Q3 2024 TU earnings summary

Executive summary

• Delivered robust Q3 2024 results with 4% revenue growth to $10.5bn, 12% Adjusted EBITDA growth to $2.5bn, and 10% EPS growth, despite significant weather disruptions.

• Reaffirmed full-year guidance, supported by strong pricing, disciplined cost management, and positive market dynamics.

• Executed $4.6bn in M&A and $1.2bn in divestitures YTD, including major deals in Texas and Australia; integration progressing well.

• Ongoing share buyback program ($1.2bn YTD) and new $0.3bn tranche; quarterly dividend of $0.35/share (+5% annualized) declared.

• CEO transition announced: Albert Manifold retiring, Jim Mintern appointed as CEO.

Financial highlights

• Q3 revenues reached $10.5bn (+4% YoY); 9M revenues at $26.7bn (+2%).

• Q3 Adjusted EBITDA was $2.5bn (+12% YoY), with margin expansion of 170bps to 23.3%.

• Q3 EPS was $1.99 (+10% YoY); 9M EPS at $4.03 (+20% YoY).

• Declared a new quarterly dividend of $0.35/share, annualized increase of 5%.

• Organic Adjusted EBITDA growth of $180m (+8%) in Q3; acquisitions net of divestitures added $79m.

Outlook and guidance

• Full-year 2024 Adjusted EBITDA expected between $6.87bn and $6.97bn; net income $3.78bn–$3.85bn; EPS $5.45–$5.55.

• Capital expenditure guidance for 2024 raised to $2.4bn–$2.6bn.

• Positive momentum expected to continue into 2025, with infrastructure and non-residential demand underpinned by public funding and robust international markets.

• Anticipates gradual improvement in new-build residential activity in H2 2025, assuming interest rates normalize.

• Potential Q4 impairment in the range of $0.3–$0.4bn not reflected in current guidance.