CRH backs outlook for the year amid 'resilient' demand

22nd Nov 2022 08:46

(Sharecast News) - Building materials group CRH posted a rise in earnings on Tuesday amid "resilient" demand and backed its outlook for the year.

In the nine months to 30 September, earnings before interest, tax, depreciation and amortisation rose 14% to $4.2bn, with sales up 13% at $24.4bn. The EBITDA margin was 10 basis points higher at 17.1%.

CRH said the positive momentum seen in the first half of the year continued into the third quarter, driven by resilient demand, strong pricing and continued delivery from its integrated solutions strategy.

Chief executive Albert Manifold said: "Notwithstanding a challenging and volatile cost environment, I am pleased to report further growth in sales, EBITDA and margin during the first nine months of the year.

"This performance reflects the resilience of our business and the benefits of our integrated and sustainable solutions strategy. The strength of our balance sheet combined with our relentless focus on disciplined capital allocation provides further opportunities to create value for all our stakeholders."

Looking ahead to the remainder of the year, CRH said it expects to deliver full-year EBITDA of around $5.5bn, up from $5bn in 2021.