CRH: a solid Q1, forecasts confirmed

(CercleFinance.com) - Irish building materials group CRH confirmed its annual forecasts on Friday after reporting a 'solid' start to the year, despite the fact that the winter season is traditionally not very favourable for its business.


Buoyed by a positive price effect and fairly favourable weather in North America, sales rose by 2%, including 1% organic growth, to total $6.5bn in Q1.

The Dublin-based company also announced that its Q1 adjusted EBITDA that was up 15% at $445m.

On the strength of this performance, CRH has confirmed its target for adjusted EBITDA of $6.55bn to $6.85bn for the full year.

The group, which has recently completed a $2.1bn acquisition in the Texas cement business, says it has identified potential annualised synergies of $60m from the deal.

In another positive development, the company plans to launch a new tranche of share buybacks worth $300m, after completing $600m of share purchases on the market YTD.

Listed on the London Stock Exchange, the share price rose by almost 4% on Friday morning following all these announcements.


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