(Sharecast News) – Building materials company CRH on Thursday posted higher first-half revenue and profits as “significant” contributions from acquisitions and higher prices offset inflation.
Revenue for the six months to June 30 rose 8% to $16.1bn. Core earnings were up 14% to $2.5bn.
Looking ahead, CRH said operations in North America were expected to be supported by robust infrastructure demand, underpinned by significant increases in US federal and state funding, as well as “good activity in key non-residential segments, supported by government funding initiatives in clean energy and onshoring of critical manufacturing”.
“Although residential construction activity is expected to remain subdued across many of our markets in the current interest rate environment, the underlying fundamentals are attractive and supportive of robust long-term growth.”
European operations are expected to benefit from solid infrastructure demand, good non-residential activity and positive pricing momentum, although CRH said the residential market was expected to remain “challenging”.
It now expects full-year group core earnings of approximately $6.2bn, up from $5.6bn in 2022. Full-year net cash inflow from operating activities is expected to come rise by $1bn to around $5bn.
Reporting by Frank Prenesti for Sharecast.com