CRH has revealed its third quarter results, which it has labelled as a “strong performance” with growth across several key areas.
According to its release, total revenue ($10.5 billion), net income ($1.4 billion) and adjusted EBITDA ($2.5 billion) all increased with the latter growing by 12 per cent while total revenue (4 per cent) and net income (5 per cent) also saw strong growth.
“Our third quarter results represent another strong performance with further growth in sales, profits and margins,” said Albert Manifold, chief executive officer at CRH.
“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 capitalize 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 favorable underlying demand, positive pricing momentum and another year of progress for CRH.”
The company noted that its acquisitions, including recent ones in Texas and Australia, have continued to progress well in their integration. Earlier this year, CRH finalised a majority stake in Australian building materials company Adbri in collaboration with Barro Group.
It also comes after the company announced the successor to Manifold who will step away from the top job after a decade of service. Jim Mintern will take over from Manifold after serving CRH in various roles for more than two decades.
When announcing the succession plan of the chief executive officer, the CRH board noted the company’s strong financial performance under Manifold at the time.
Richie Boucher, chairman of CRH, added: “CRH has made enormous progress thanks to Albert’s clear vision and his leadership of a talented, hard-working team. CRH is a very focused, high performing group and is recognised by its customers as the industry’s leading provider of innovative building materials solutions.
“Under Albert’s leadership CRH has delivered superior growth and performance with consistently improving profitability, cash generation and returns.”