CRH PLC on Thursday reported a strong result for the first half of the year, while launching a new $300 million share buyback.
The Dublin-based building materials supplier said pretax profit climbed by 19% to $1.83 billion in the six months that ended June 30 from $1.54 billion a year before, as revenue edged up 0.3% to $16.19 billion from $16.14 billion.
For the second quarter alone, pretax profit was $1.73 billion, up 9.8% from $1.58 billion, despite a marginal decline in revenue to $9.65 billion from $9.71 billion.
CRH raised its second-quarter dividend to 35 US cents per share, up 5% on an annualized basis.
Looking ahead, CRH upgraded its full-year guidance. Net income is expected to be $3.70 billion to $3.85 billion in 2024, improved from $3.55 billion to $3.80 billion previously guided.
Adjusted earnings before interest, tax, depreciation and amortisation is expected to be $5.40 billion to $5.60 billion, improved from $5.15 billion to $5.45 billion previously.
These would compare to net income of $3.07 billion and adjusted Ebitda of $6.2 billion in 2023.
Chief Executive Officer Albert Manifold said: ‘The execution of our differentiated solutions strategy continues to deliver robust financial performance, while the strength of our balance sheet and relentless focus on the disciplined allocation of our capital enables us to capitalize on the opportunities we see for further growth and value creation.
‘Reflecting the strength of our financial performance, the positive underlying momentum in our business as well as the positive contribution from recent portfolio activity, we are raising our guidance and remain well positioned to deliver another record year in 2024.’
CRH said completed the latest tranche of its share buyback programme on Wednesday, bringing year-to-date buybacks to $900 million. It said it now has begun a new $300 million share buyback tranche, which will be completed by November 6.
CRH shares were 3.5% higher at 6,356.00 pence each on Thursday afternoon in London.
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