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 adverse weather and inflationary pressures.

• Reaffirmed full-year guidance and positive outlook for 2025, supported by strong infrastructure and non-residential demand.

• Significant portfolio activity with $4.6bn invested in 35 acquisitions, including major deals in Texas and Australia, and $1.2bn in divestitures year-to-date.

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

• CEO transition announced, with Albert Manifold retiring and 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); 9M Adjusted EBITDA at $5.2bn (+12%).

• Adjusted EBITDA margin expanded to 23.3% in Q3 (+170bps); 9M margin at 19.3% (+180bps).

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

• Net income guidance for full year: $3.78–$3.85bn; EPS: $5.45–$5.55.

Outlook and guidance

• Full-year Adjusted EBITDA expected between $6.87bn and $6.97bn, reaffirming guidance midpoint.

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

• Anticipates robust infrastructure demand in the U.S. and internationally, with gradual improvement in residential new-build activity in H2 2025 as interest rates normalize.

• Positive pricing momentum and disciplined commercial management expected to continue.

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