CRH PLC to Buy Back EUR350 Million of Shares; 1st Half Pretax Profit Rose 42%
August 22 2019 - 3:06AM
Dow Jones News
By Anthony O. Goriainoff
CRH PLC (CRG.DB) said Thursday that it would spend a further 350
million euros ($388.3 million) to the end of the year as part of
its share buyback program, as it reported a 42% rise in pretax
profit for the first half of 2019.
Between May 2018 and August 2019, the Irish-based building
materials company has returned EUR1.35 billion to shareholders
through buybacks.
For the six months ended June 30, CRH said pretax profit was
EUR707 million compared with EUR497 million in the first half of
2018 and a forecast of EUR574.1 million, taken from FactSet and
based on two analysts' estimates.
Earnings before interest, taxes, depreciation and
amortization--one of the company's preferred metrics--came to
EUR1.54 billion compared with EUR1.13 billion in the year-prior
period, and a consensus of EUR1.47 billion, taken from FactSet and
based on five analysts' forecasts.
Revenue was EUR13.22 billion compared with EUR11.94 billion the
year before. Revenue consensus for the period was EUR12.87 billion,
taken from FactSet and based on five analysts' forecasts.
The board has declared an interim dividend of 20 European cents,
compared with 19.6 European cents in 2018.
Chief Executive Albert Manifold said the board expects trading
in the second half to benefit from favorable conditions, currency
tailwinds as well as contributions from acquisitions.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
August 22, 2019 02:51 ET (06:51 GMT)
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