CRH Expands Buyback Program on Back of Earnings Growth
April 24 2019 - 3:03AM
Dow Jones News
By Carlo Martuscelli
CRH PLC (CRG.DB) said Wednesday that it is expanding its
share-buyback program by 350 million euros ($393.2 million), citing
a strong balance sheet and cash generation.
The Ireland-listed building materials group said it expects
earnings before interest, tax, depreciation and amortization in the
first half of the year in excess of EUR1.5 billion, ahead of the
EUR1.13 billion recorded in the comparable period in 2018. The
forecast reflects a mid-single-digit percentage increase in Ebitda
on a like-for-like basis, combined with a contribution from
acquisitions, CRH said.
CRH said it expects to complete the new EUR350 million tranche
of its buyback program before August.
In the first quarter, like-for-like sales were up 7% on year.
CRH said it benefited from mild weather and good momentum across
most of its major markets.
The company said that in the seasonally more important second
half of the year, Ebitda on a like-for-like basis is forecast ahead
of the EUR2.24 billion reported in the previous-year period. This
is due to growth in the U.S., supported by government
infrastructure funding, as well as encouraging conditions in
Europe.
CRH has also agreed to sell its European Shutters & Awnings
business to StellaGroup for more than EUR300 million.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
April 24, 2019 02:48 ET (06:48 GMT)
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