CRH announces group 3Q24 revenues of US$10.5bn

CRH announced total revenues for the group of US$10.5bn (3Q23: US$10.1bn) in the 3Q24 were four per cent ahead, while organic total revenues were one per cent behind the corresponding period in 2023. Contributions from acquisitions and strong commercial management more than offset the impact of divestitures and lower activity levels due to adverse weather in certain regions. Net income of US$1.4bn (3Q23: US$1.3bn) was five per cent ahead of the prior year reflecting strong operating performance, gains on disposal of long-lived assets and a gain on the European Lime divestiture.

Adjusted EBITDA of US$2.5bn (3Q23: US$2.2bn) was 12 per cent ahead as a result of the continued delivery of CRH's integrated solutions strategy, positive pricing, ongoing cost control and further operational efficiencies. Organic adjusted EBITDA was eight per cent ahead of 3Q23. The group's net income margin of 13.2 per cent (3Q23: 13 per cent) and adjusted EBITDA margin of 23.3 per cent (3Q23: 21.6 per cent) were both ahead of the comparable prior year period.

Americas Materials Solutions' total revenues were four per cent ahead of 3Q23, driven by strong pricing across all lines of business along with contributions from acquisitions which mitigated the effects of lower activity in certain markets due to weather disruption. Adjusted EBITDA was 16 per cent ahead of the prior year period driven by pricing improvements, operational efficiencies and good cost management, along with gains on the disposal of certain land assets. Americas Building Solutions' total revenues were one per cent ahead of the 3Q23.

Europe Materials Solutions' total revenues were seven per cent ahead of the 3Q23, benefitting from the acquisition of Adbri Ltd (Adbri) in July 2024 and partly offset by the divestiture of the European Lime operations, as well as lower activity levels in certain markets. Adjusted EBITDA was 24 per cent ahead of the prior year driven by good commercial management, lower energy costs, operational efficiencies and contributions from acquisitions. Europe Building Solutions' total revenues were four per cent behind the 3Q23.

Albert Manifold, CEO, said: "Our third quarter results represent another strong performance with further growth in sales, profits and margins. Despite contending with adverse weather in the quarter, our differentiated solutions strategy continues to deliver industry-leading performance, while the strength of our balance sheet combined with our disciplined approach to capital allocation leaves us well positioned to capitalise on the growth and value creation opportunities that lie ahead. We are pleased to reaffirm our guidance midpoint for 2024 and looking ahead to 2025, we expect favourable underlying demand, positive pricing momentum and another year of progress for CRH."

Acquisitions and divestitures
Overall, during the nine months ended 30 September 2024, CRH completed 28 acquisitions for a total consideration of US$3.9bn, compared with US$0.6bn in the first nine months of the prior year. On 1 July 2024, CRH completed the acquisition of a majority stake in Adbri for a total consideration of US$0.8bn. 

During the three months ended September 30, 2024, cash proceeds from divestitures and disposals of long-lived assets were US$0.1bn, including the third and final phase of the divestiture of the European Lime operations, which was completed on 30 August 2024.