CRH 2024 Full Year Results

NEW YORK--(BUSINESS WIRE)--February 26, 2025-- 

CRH $(CRH)$, a leading provider of building materials solutions, today reported fourth quarter and full year 2024 financial results.

 
                               Key Highlights 
 Summary Financials                   Q4 2024   Change    FY 2024   Change 
 Total revenues                       $8.9bn    +2%       $35.6bn   +2% 
 Net income                           $0.7bn    +24%      $3.5bn    +15% 
 Net income margin                    8.0%      +140bps   9.9%      +110bps 
 Adjusted EBITDA*                     $1.8bn    +12%      $6.9bn    +12% 
 Adjusted EBITDA margin*              20.0%     +170bps   19.5%     +180bps 
 Basic EPS                            $1.03     +4%       $5.06     +16% 
 Basic EPS pre-impairment*            $1.45     +12%      $5.48     +18% 
 Net cash provided by operating 
  activities                                              $5.0bn    (1%) 
 Return on net segment assets                             15.3%     +90bps 
 Return on Net Assets*                                    15.5%     +20bps 
 Industry-leading performance driven by unmatched scale and differentiated 
  strategy Strong Q4 and FY; another year of double-digit growth in Adjusted 
  EBITDA* and EPS 11(th) consecutive year of margin expansion(1) underpinned 
  by commercial and operational excellence Significant portfolio activity; 
  $5.0 billion invested in value-accretive M&A $1.1 billion invested in 
  growth capex; capitalizing on attractive organic growth opportunities 
  Increasing quarterly dividend to $0.37 (+6% y/y); commencing new $0.3 
  billion quarterly share buyback Significant financial capacity to support 
  future growth and value creation Positive outlook for FY 2025; supportive 
  underlying trends across key markets expected to continue Expect FY 2025 
  Net income of $3.7 billion to $4.1 billion; Adjusted EBITDA* of $7.3 
  billion to $7.7 billion 
 

Jim Mintern, Chief Executive Officer, said:

"2024 was a strong year for CRH, driven by our customer-connected solutions strategy and leading positions of scale in attractive, higher-growth markets. We delivered another year of double-digit profit growth and an 11(th) consecutive year of margin expansion, reflecting a continued focus on commercial management and operational excellence across the organization. The strength of our balance sheet enabled us to invest $5 billion in 40 value-accretive acquisitions while also returning $3 billion of cash to shareholders through dividends and share buybacks. The outlook for our business remains positive, underpinned by favorable demand and positive pricing momentum, leaving us well positioned for another year of growth and value creation ahead."

 
________________________________________ 
* Represents a non-GAAP measure. See 'Non-GAAP Reconciliation and 
Supplementary Information' on pages 14 to 16. 
(1) Based on IFRS financial reporting to 2022 and U.S. GAAP for 2023 & 2024. 
 

Performance Overview

Three months ended December 31, 2024

Fourth quarter 2024 total revenues of $8.9 billion (Q4 2023: $8.7 billion) were 2% ahead of 2023. Net income was 24% ahead of 2023 at $0.7 billion (Q4 2023: $0.6 billion) and Adjusted EBITDA* of $1.8 billion (Q4 2023: $1.6 billion) was 12% ahead, driven by pricing progress, operational efficiencies and contributions from acquisitions. Organic Adjusted EBITDA* was 10% ahead of Q4 2023. CRH's net income margin of 8.0% (Q4 2023: 6.6%) and Adjusted EBITDA margin* of 20.0% (Q4 2023: 18.3%) were ahead of the prior year period. CRH's basic earnings per share for the fourth quarter was 4% higher than the prior year at $1.03 (Q4 2023: $0.99). Basic earnings per share pre-impairment* was 12% higher than the prior year at $1.45 (Q4 2023: $1.30).

   -- 
 Americas Materials Solutions' total revenues were 1% behind the fourth 
      quarter of 2023, as price increases and contributions from acquisitions 
      were offset by lower activity levels due to weather disruption in certain 
      regions. Adjusted EBITDA was 20% ahead of the prior year period, driven 
      by strong pricing, operational efficiencies and good cost management. 
 
   -- 
 Americas Building Solutions' total revenues were 2% ahead of the prior 
      year period, primarily driven by contributions from acquisitions as well 
      as growth in energy and water markets. Adjusted EBITDA was 9% lower than 
      the prior year period, impacted by adverse weather and against a strong 
      prior year comparative. 
 
   -- 
 International Solutions' total revenues were 7% ahead of Q4 2023 driven 
      by pricing progress and contributions from acquisitions. Adjusted EBITDA 
      was 9% ahead of the prior year period, driven by commercial excellence 
      measures, lower energy costs and operational efficiencies. 
 

Year ended December 31, 2024

2024 was another year of industry-leading financial performance for CRH, underpinned by our differentiated strategy along with resilient underlying demand in key end-use markets, continued commercial progress and contributions from acquisitions. Total revenues of $35.6 billion (2023: $34.9 billion) were 2% ahead of 2023. Net income was 15% ahead of 2023 at $3.5 billion (2023: $3.1 billion) and Adjusted EBITDA* of $6.9 billion (2023: $6.2 billion) was 12% ahead, reflecting the continued delivery of the Company's customer-connected solutions strategy, positive pricing, ongoing cost control and further operational efficiencies. Organic Adjusted EBITDA* was 10% ahead of 2023. CRH's net income margin of 9.9% (2023: 8.8%) and Adjusted EBITDA margin* of 19.5% (2023: 17.7%) were well ahead of the prior year. CRH's basic earnings per share was 16% higher than 2023 at $5.06 (2023: $4.36). Basic earnings per share pre-impairment* was 18% higher than 2023 at $5.48 (2023: $4.65).

   -- 
 Americas Materials Solutions' total revenues were 5% ahead of 2023, 
      primarily driven by price increases across all lines of business and 
      positive contributions from acquisitions offsetting the impact of adverse 
      weather. Adjusted EBITDA was 22% ahead, driven by pricing improvements, 
      operational efficiencies and good cost management, along with gains on 
      the disposal of certain land assets. 
 
   -- 
 Americas Building Solutions' total revenues were 1% ahead of 2023, with 
      contributions from acquisitions more than offsetting the adverse weather 
      impact on trading activity. Adjusted EBITDA was 4% lower than the prior 
      year, impacted by lower activity levels in certain markets, subdued 
      new-build residential demand and against a strong prior year 
      comparative. 
 
   -- 
 International Solutions' total revenues were 1% behind 2023 due to 
      lower activity levels in certain markets and the divestiture of the 
      European Lime operations which was partly offset by positive 
      contributions from acquisitions. Adjusted EBITDA was 7% ahead, driven by 
      commercial excellence measures, lower energy costs, a continued focus on 
      cost management and operational efficiencies along with contributions 
      from acquisitions. 
 

Acquisitions and Divestitures

In 2024, CRH completed 40 acquisitions for a total consideration of $5.0 billion, compared with $0.7 billion in 2023.

The largest acquisition in 2024 was in Americas Materials Solutions where CRH acquired an attractive portfolio of cement and readymixed concrete assets and operations in Texas for a total consideration of $2.1 billion. In addition, Americas Materials Solutions completed a further 20 acquisitions and Americas Building Solutions completed 10 acquisitions for a total spend in the Americas of $3.8 billion. International Solutions completed nine acquisitions for a total spend of $1.2 billion, including the acquisition of a majority stake in Adbri Ltd (Adbri), a market leader in cement and aggregates in Australia.

CRH completed 10 divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of $1.4 billion, primarily related to the divestiture of the European Lime operations. No divestitures occurred in the prior year.

During the three months ended December 31, 2024, CRH completed 12 acquisitions for a total consideration of $1.1 billion, compared with $0.1 billion in the same period of 2023. Americas Materials Solutions completed six acquisitions, Americas Building Solutions completed three acquisitions and International Solutions completed three acquisitions.

During the three months ended December 31, 2024, cash proceeds from divestitures and disposal of long-lived assets were $0.1 billion.

Dividends and Share Buybacks

The Company's continued strong cash generation and financial flexibility provide the opportunity to continue to return cash to shareholders, while at the same time investing in the business and delivering on CRH's strategic growth initiatives.

In line with the Company's policy of consistent long-term dividend growth and supported by its strong financial position, the Board approved dividends totaling $1.40 per share in 2024, a 5% increase on the prior year (2023: $1.33). The Board has also declared a new quarterly dividend of $0.37 per share, representing an annualized increase of 6% on 2024. The dividend will be paid wholly in cash on April 16, 2025, to shareholders registered at the close of business on March 14, 2025. The ex-dividend date will be March 14, 2025.

As part of the Company's ongoing share buyback program, CRH repurchased approximately 15.9 million ordinary shares in 2024 for a total consideration of $1.3 billion. On February 26, 2025, the latest tranche of the share buyback program was completed. The Company is commencing an additional $0.3 billion tranche to be completed no later than May 2, 2025.

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