CRH Lifts Earnings Outlook, Dividend After Sales Grow
November 21 2023 - 2:47AM
Dow Jones News
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.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
November 21, 2023 02:32 ET (07:32 GMT)
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