CRH has reported an increase in both sales and profit as the building materials company saw strong momentum across all of the group’s businesses despite rising costs.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were $4.2 billion for the first nine months of the year.
That represented a 14 percent increase over the same period last year after “disciplined cost control,” according to CRH.
Margin for the nine months ended September also came in ahead of 2021 at 17.1 percent, up 10 basis points.
The group now expects full-year EBITDA to be around USD 5.5 billion (EUR 5.37 billion), up from USD 5 billion (EUR 4.9 billion) in 2021.
Revenue rose to US$24.4 billion (EUR23.8 billion) for the nine-month period, up 13 percent from 2021. The group attributed this growth to resilient demand despite the difficult environment, as well as strong pricing.
According to CRH, third-quarter sales were strong in Americas Materials, with the materials division in Europe reporting a “weaker” level of activity over the same period due to rising energy costs.
However, like-for-like sales in the region remained above 2021 levels.
In Ireland, revenue and EBITDA also increased in the first nine months of 2022 due to strong pricing and an improvement in activity levels.
Building Products also saw an increase in demand in Q3, particularly in the areas of utility infrastructure and outdoor living solutions.
CRH now expects growth to continue next year, particularly in its core North American and European markets, despite the “uncertain economic environment.”
Chief Executive Albert Manifold described 2022 as “another year of progress for the group”.
“Despite a challenging and volatile cost environment, I am pleased to report continued revenue, EBITDA and margin growth for the first nine months of the year,” he said.
“This achievement reflects the resilience of our business and the benefits of our integrated and sustainable solution strategy.”
https://www.independent.ie/business/irish/crh-reports-profit-and-sales-growth-in-challenging-and-volatile-cost-environment-42163130.html CRH reports earnings and revenue growth in ‘challenging and volatile cost environment’