CRH, a global leader in the construction materials industry, has experienced a firm commencement to the year, citing a 2% revenue increase to $6.5 billion in its initial quarter. The US, which constitutes 75% of the company’s trade, has largely influenced this performance, thanks to favourable prices, proactive early-season activity, and mild weather in crucial markets.
In addition to reassuring investors of its predicted full-year net income between $3.55 billion to $3.80 billion, CRH also disclosed an additional $300 million share repurchase. This comes in line with the firm’s continuing buyback scheme, which was launched in May 2018 and has seen $7.6 billion shares repurchased to date.
Albert Manifold, the CEO, expressed his satisfaction with the favourable Q1 results, identified as the least impactful period on an annual scale for business. He accredited the successful performance to encouraging pricing trends, early project initiatives, acquisitions’ input, and the mild weather in certain strategic areas.
Manifold is optimistic about the company’s prospects, underlining the robust state of CRH’s financial strength and the company’s unyielding commitment to efficiently deploying its capital. These factors, he believes, position the company to take advantage of opportunities for expansion and value creation beyond 2024. Comfortably confident about the company’s future, Manifold confirms the affirmations made for 2024.