REG-CRH plc CRH 2024 Full Year Results
27/02/2025 07:00
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CRH 2024 Full Year Results
CRH (NYSE: 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.
Innovation and Sustainability
CRH is committed to driving profitable growth by providing its customers with
innovative solutions that support the transition to a more sustainable built
environment. The Company's focus on continuous innovation will better position
CRH to respond to the changing needs of its customers, accelerate and scale
new technologies and drive a positive impact across three global challenges of
water, circularity and decarbonization. CRH continues to enhance its
capabilities to meet these opportunities and challenges through investment in
new technologies, such as FIDO AI, the artificial intelligence leak detection
software company, as well as new partnerships through the CRH Ventures
Accelerator programs. Through these efforts, CRH continues to develop and
deliver innovative solutions for its customers while making progress on its
industry-leading target to deliver a 30% reduction in absolute carbon
emissions by 2030.
2025 Full Year Outlook
We expect positive underlying demand across our key end-use markets in 2025,
underpinned by significant public investment in critical infrastructure,
combined with increased re-industrialization activity in key non-residential
segments. This backdrop is expected to support overall demand levels and
further positive pricing across our business.
Our North American businesses expect continued positive momentum in
infrastructure activity, supported by robust state and federal funding.
Non-residential activity continues to benefit from secular tailwinds in key
growth areas. Although the residential sector continues to be supported by
strong long-term demand fundamentals, the new-build segment is expected to
remain subdued while repair and remodel activity remains resilient.
In our International operations, we expect infrastructure activity to be
underpinned by government and EU funding. Non-residential construction
continues to be aided by onshoring of supply chains and industrial
manufacturing activity. Residential markets are expected to stabilize with
structural demand fundamentals supporting a gradual recovery.
Assuming normal seasonal weather patterns and absent any major dislocations in
the political or macroeconomic environment, CRH’s leading positions of scale
in attractive higher-growth markets, together with our strong and flexible
balance sheet, are expected to underpin another year of growth and value
creation in 2025.
2025 Guidance (i)
(in $ billions, except per share data) Low High
Net income (ii) 3.7 4.1
Adjusted EBITDA* 7.3 7.7
Diluted EPS (ii) $5.34 $5.80
Capital expenditure 2.8 3
(i) The 2025 guidance does not assume any significant one-off or non-recurring
items, including the impact of potential tariffs, impairments or other
unforeseen events.
(ii) 2025 net income and diluted EPS are based on approximately $0.6 billion
interest expense, net, effective tax rate of approximately 23% and a
year-to-date average of approximately 683 million diluted common shares
outstanding.
Americas Materials Solutions
Three months ended December 31, 2024
Analysis of Change
in $ millions Q4 2023 Currency Acquisitions Divestitures Organic Q4 2024 % change
Total revenues 4,296 (10) +215 (34) (201) 4,266 (1%)
Adjusted EBITDA 875 (3) +52 (14) +143 1,053 +20%
Adjusted EBITDA margin 20.4% 24.7%
Americas Materials Solutions’ total revenues were 1% behind the fourth
quarter of 2023, as continued positive pricing and contributions from
acquisitions were offset by lower volumes due to adverse weather in certain
regions. Organic total revenues* were 5% behind the prior year period.
In Essential Materials, total revenues were in line with the prior year, with
good pricing momentum and contributions from acquisitions offset by lower
aggregates volumes. Prices in aggregates and cement were ahead by 7% and 8%,
respectively. Weather-impacted aggregates volumes declined by 9% while cement
volumes increased by 3%, supported by acquisitions.
In Road Solutions, total revenues were 1% behind the prior year, as reduced
activity levels due to challenging weather offset improved pricing across all
lines of business and ongoing state and federal funding support. Paving and
construction revenues decreased by 1% with positive growth in the South region
offset by lower activity in weather-impacted regions. Asphalt prices increased
by 3% and volumes decreased by 8%, while readymixed concrete prices increased
by 3% and volumes were flat.
Fourth quarter 2024 Adjusted EBITDA for Americas Materials Solutions of $1.1
billion was 20% ahead of the prior year driven by commercial progress,
disciplined cost management and operational efficiencies. Organic Adjusted
EBITDA* was 16% ahead of the fourth quarter of 2023. Adjusted EBITDA margin
increased by 430bps.
Year ended December 31, 2024
Analysis of Change
in $ millions 2023 Currency Acquisitions Divestitures Organic 2024 % change
Total revenues 15,435 (22) +641 (112) +231 16,173 +5%
Adjusted EBITDA 3,059 (6) +180 (36) +548 3,745 +22%
Adjusted EBITDA margin 19.8% 23.2%
Americas Materials Solutions’ total revenues were 5% ahead of the prior year
as price increases and contributions from acquisitions offset lower activity
levels which were impacted by adverse weather. Organic total revenues* were 1%
ahead.
In Essential Materials, total revenues were 5% ahead of the prior year,
supported by aggregates and cement pricing, which were ahead by 10% and 8%,
respectively. Aggregates volumes declined by 3% while cement volumes increased
by 1% compared to 2023.
In Road Solutions, total revenues increased by 5% driven by pricing
progression and sustained activity levels through continued state and federal
funding support. Asphalt prices increased by 3% while volumes, impacted by
weather, declined 2% against 2023. Paving and construction revenues increased
5% versus the prior year. Readymixed concrete pricing was 6% higher than the
prior year, while volumes were 1% ahead.
Adjusted EBITDA for Americas Materials Solutions of $3.7 billion was 22% ahead
of the prior year with growth across all regions. Positive pricing,
disciplined cost management and operational efficiencies along with gains on
land asset sales offset lower volumes in certain markets. Organic Adjusted
EBITDA* was 18% ahead of 2023. Adjusted EBITDA margin increased by 340bps.
Americas Building Solutions
Three months ended December 31, 2024
Analysis of Change
in $ millions Q4 2023 Currency Acquisitions Divestitures Organic Q4 2024 % change
Total revenues 1,470 – +49 – (26) 1,493 +2%
Adjusted EBITDA 276 (1) +6 – (31) 250 (9%)
Adjusted EBITDA margin 18.8% 16.7%
Americas Building Solutions' total revenues were 2% ahead of the fourth
quarter of 2023, as increased demand in Building & Infrastructure
Solutions and contributions from acquisitions offset adverse weather impacts.
Organic total revenues* were 2% behind the prior year period.
In Building & Infrastructure Solutions, total revenues were 8% ahead of Q4
2023, supported by increased demand in energy and water markets.
In Outdoor Living Solutions, total revenues were 3% behind the prior year
period as demand was impacted by adverse weather.
Adjusted EBITDA for Americas Building Solutions was 9% behind the fourth
quarter of 2023 and 11% behind on an organic* basis as adverse winter weather
impacted results. Adjusted EBITDA margin was 210bps behind the prior year
period.
Year ended December 31, 2024
Analysis of Change
in $ millions 2023 Currency Acquisitions Divestitures Organic 2024 % change
Total revenues 7,017 (4) +193 – (147) 7,059 +1%
Adjusted EBITDA 1,442 (2) +34 – (85) 1,389 (4%)
Adjusted EBITDA margin 20.6% 19.7%
In 2024, Americas Building Solutions' total revenues were 1% ahead of the
prior year as positive contributions from acquisitions were partially offset
by subdued new-build residential demand and adverse weather. Organic total
revenues* were 2% behind the prior year.
In Building & Infrastructure Solutions, total revenues were 2% ahead of
the prior year as contributions from acquisitions offset lower activity levels
due to adverse weather conditions and subdued new-build residential demand.
In Outdoor Living Solutions, total revenues were flat compared with 2023 as
unfavorable weather conditions offset increased sales into the retail channel.
Adjusted EBITDA for Americas Building Solutions was 4% behind 2023 and 6%
behind on an organic* basis as adverse weather and subdued new-build
residential demand impacted performance. Adjusted EBITDA margin was 90bps
behind the prior year.
International Solutions
Three months ended December 31, 2024
Analysis of Change
in $ millions Q4 2023 Currency Acquisitions Divestitures Organic Q4 2024 % change
Total revenues 2,919 +16 +371 (160) (35) 3,111 +7%
Adjusted EBITDA 435 +3 +35 (42) +42 473 +9%
Adjusted EBITDA margin 14.9% 15.2%
International Solutions’ total revenues were 7% ahead of the fourth quarter
of 2023. Organic total revenues* were 1% behind as continued pricing progress
and volume growth in Central and Eastern Europe were offset by lower activity
in Western Europe, coupled with continued subdued new-build residential
activity within Building & Infrastructure Solutions and Outdoor Living
Solutions.
In Essential Materials, total revenues were 9% ahead of the comparable period
in 2023 with strong aggregates and cement volumes as well as positive pricing
and contributions from acquisitions. Aggregates volumes were 15% ahead while
cement volumes were 18% ahead of the comparable period in 2023. Aggregates
pricing was 6% ahead and cement pricing was 4% ahead of Q4 2023.
In Road Solutions, revenues were 9% ahead of the comparable period in 2023,
with volumes and prices in the readymixed concrete business ahead of 2023 by
26% and 7%, respectively, benefiting from contributions from acquisitions as
well as higher activity levels in Central and Eastern Europe. Asphalt volumes
increased by 8% while pricing declined by 4% with paving and construction
revenues impacted by lower activity levels in Western Europe.
Within Building & Infrastructure Solutions and Outdoor Living Solutions,
total revenues were 2% behind the comparable period in 2023 as increased
pricing was offset by lower activity levels.
Adjusted EBITDA in International Solutions was $0.5 billion, 9% ahead of the
fourth quarter of 2023, and 10% ahead on an organic* basis, primarily driven
by increased pricing, lower energy costs and operational efficiencies.
Adjusted EBITDA margin increased by 30bps compared to the prior year period.
Year ended December 31, 2024
Analysis of Change
in $ millions 2023 Currency Acquisitions Divestitures Organic 2024 % change
Total revenues 12,497 +141 +808 (542) (564) 12,340 (1%)
Adjusted EBITDA 1,675 +17 +100 (136) +140 1,796 +7%
Adjusted EBITDA margin 13.4% 14.6%
International Solutions’ total revenues were 1% behind the prior year.
Organic total revenues* were 4% behind as positive pricing momentum and good
volume growth in Central and Eastern Europe were offset by lower volumes in
Western Europe as well as lower trading activities in the Building &
Infrastructure Solutions and Outdoor Living Solutions businesses.
In Essential Materials, total revenues were 2% behind as continued pricing
progress and contributions from acquisitions were offset by the divestiture of
the European Lime operations. Aggregates volumes were 3% ahead of 2023 with
cement volumes 5% ahead, supported by good growth in Central and Eastern
Europe as well as recent acquisitions. Aggregates pricing was 4% ahead and
overall cement pricing was 3% ahead of 2023.
In Road Solutions, total revenues were 2% ahead of 2023. Volumes and prices
were ahead in the readymixed concrete business by 8% and 3%, respectively,
benefiting from volume growth in Central and Eastern Europe as well as
acquisitions in the period. Asphalt volumes and pricing declined 2% and 1%,
respectively. Paving and construction revenues were behind 2023 due to lower
activity levels in Western Europe.
Total revenues in Building & Infrastructure Solutions and Outdoor Living
Solutions declined by 6% compared with the prior year, amid continued subdued
new-build residential activity.
Adjusted EBITDA in International Solutions was $1.8 billion, 7% ahead of 2023,
and 8% ahead on an organic* basis, primarily driven by increased pricing,
lower energy costs and operational efficiencies. Adjusted EBITDA margin
increased by 120bps compared with 2023.
Other Financial Items
Depreciation, depletion and amortization charges for the year ended December
31, 2024 of $1.8 billion were higher than the prior year (2023: $1.6 billion),
primarily due to the impact of acquisitions.
Arising from CRH’s annual impairment testing process, non-cash impairment
charges of $0.35 billion were recognized in 2024 (2023: $0.36 billion). These
principally resulted from challenging market conditions in the Architectural
Products reporting unit within International Solutions and the equity method
investment in China.
Gain on disposal of long-lived assets of $237 million was higher than 2023
(2023: $66 million), mainly related to the disposal of certain land assets.
Interest income of $143 million (2023: $206 million) was lower than 2023
primarily due to a lower level of cash deposits. Interest expense of $612
million (2023: $376 million) was higher than the prior year primarily due to
an increase in gross debt balances and increased interest rates.
Other nonoperating income (expense), net, was an income of $258 million (2023:
$2 million expense), primarily related to gains on divestitures.
Income before income tax expense and income from equity method investments was
$4.7 billion (2023: $4.0 billion), and the associated tax charge of $1.1
billion (2023: $0.9 billion) represented an effective tax rate of 23%, in line
with the prior year (2023: 23%).
Basic earnings per share was 16% higher than 2023 at $5.06 (2023: $4.36) due
to a positive operating performance, higher gains on disposal of long-lived
assets and on divestitures as well as reduced share count as a result of the
ongoing share buyback program. Basic earnings per share pre-impairment* of
$5.48 was 18% higher than the prior year (2023: $4.65).
Balance Sheet and Liquidity
2024 marked another year of strong cash generation for CRH with net cash
provided by operating activities of $5.0 billion, in line with the prior year
(2023: $5.0 billion), as higher income from operations was offset by working
capital outflows.
Total short-term and long-term debt was $14.0 billion at December 31, 2024
($11.6 billion at December 31, 2023). During 2024, a net $0.5 billion of
commercial paper was issued across the U.S. Dollar and Euro Commercial Paper
Programs. In January 2024, €600 million of euro-denominated notes were
repaid on maturity. In May 2024, the Company issued $750 million in 5.20%
notes due in 2029 and $750 million in 5.40% notes due in 2034. In July 2024,
as part of the Adbri acquisition, $0.5 billion of external debt was acquired.
In December 2024, the Company agreed and drew down a $750 million two-year
term loan at a fixed rate of 4.91%.
Net Debt* at December 31, 2024 was $10.5 billion, compared to $5.4 billion at
December 31, 2023. This increase reflects acquisitions, cash returns to
shareholders through dividends and share buybacks, as well as the purchase of
property, plant and equipment, partially offset by inflows from operating
activities and proceeds from divestitures.
CRH ended 2024 with $3.8 billion of cash and cash equivalents and restricted
cash (2023: $6.4 billion) as well as $3.8 billion of undrawn committed
facilities which are available until 2029. At year end, the weighted average
maturity of the term debt (net of cash and cash equivalents) was 7.5 years.
CRH also has a $4.0 billion U.S. Dollar Commercial Paper Program and a €1.5
billion Euro Commercial Paper Program available. As of December 31, 2024 there
was $1.2 billion of outstanding issued notes under the U.S. Dollar Commercial
Paper Program and $0.3 billion of outstanding issued notes under the Euro
Commercial Paper Program. CRH remains committed to maintaining its robust
balance sheet and expects to maintain a strong investment-grade credit rating
with a BBB+ or equivalent rating with each of the three main rating agencies.
Conference Call
CRH will host a conference call and webcast presentation at 8:00 a.m. (EST) on
Thursday, February 27, 2025 to discuss the 2024 results and 2025 outlook.
Registration details are available on www.crh.com/investors
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.crh.com%2Finvestors&esheet=54215155&newsitemid=20250226598381&lan=en-US&anchor=www.crh.com%2Finvestors&index=1&md5=0e96d2c7f7a070165795336fb000ecc3)
. Upon registration, a link to join the call and dial-in details will be made
available. The accompanying investor presentation will be available on the
investor section of the CRH website in advance of the conference call, while a
recording of the conference call will be made available afterwards.
Dividend Timetable
The timetable for payment of the quarterly dividend of $0.37 per share is as
follows:
Ex-dividend Date: March 14, 2025
Record Date: March 14, 2025
Payment Date: April 16, 2025
The default payment currency is U.S. Dollar for shareholders who hold their
ordinary shares through a Depository Trust Company (DTC) participant. It is
also U.S. Dollar for shareholders holding their ordinary shares in registered
form, unless a currency election has been registered with CRH’s Transfer
Agent, Computershare Trust Company N.A. by 5:00 p.m. (EDT)/9:00 p.m. (GMT) on
March 14, 2025.
The default payment currency for shareholders holding their ordinary shares in
the form of Depository Interests is euro. Such shareholders can elect to
receive the dividend in U.S. Dollar or Pounds Sterling by providing their
instructions to the Company’s Depositary Interest provider, Computershare
Investor Services plc, by 12:00 p.m. (EDT)/4:00 p.m. (GMT) on March 18, 2025.
Appendices
Appendix 1 - Primary Statements
The following financial statements are an extract of the Company’s
Consolidated Financial Statements prepared in accordance with U.S. GAAP for
the three months and the year ended December 31, 2024 and do not present all
necessary information for a complete understanding of the Company's financial
condition as of December 31, 2024. The full Consolidated Financial Statements
prepared in accordance with U.S. GAAP for the year ended December 31, 2024,
including notes thereto, will be included in the Company’s Annual Report on
Form 10-K filed with the U.S. Securities and Exchange Commission (SEC).
Consolidated Statements of Income
(in $ millions, except share and per share data)
Three months ended Year ended
December 31 December 31
2024 2023 2024 2023
Product revenues 6,541 6,230 26,699 26,156
Service revenues 2,329 2,455 8,873 8,793
Total revenues 8,870 8,685 35,572 34,949
Cost of product revenues (3,641) (3,456) (14,651) (14,741)
Cost of service revenues (2,069) (2,278) (8,220) (8,245)
Total cost of revenues (5,710) (5,734) (22,871) (22,986)
Gross profit 3,160 2,951 12,701 11,963
Selling, general and administrative expenses (1,933) (1,839) (7,852) (7,486)
Gain on disposal of long-lived assets 38 28 237 66
Loss on impairments (161) (357) (161) (357)
Operating income 1,104 783 4,925 4,186
Interest income 31 68 143 206
Interest expense (160) (91) (612) (376)
Other nonoperating income (expense), net 12 (5) 258 (2)
Income before income tax expense and income from equity method investments 987 755 4,714 4,014
Income tax expense (143) (144) (1,085) (925)
Loss from equity method investments (135) (38) (108) (17)
Net income 709 573 3,521 3,072
Net (income) attributable to redeemable noncontrolling interests (7) (7) (28) (28)
Net loss (income) attributable to noncontrolling interests 1 135 (1) 134
Net income attributable to CRH 703 701 3,492 3,178
Earnings per share attributable to CRH
Basic $1.03 $0.99 $5.06 $4.36
Diluted $1.02 $0.99 $5.02 $4.33
Weighted average common shares outstanding
Basic 678.4 700.5 683.3 723.9
Diluted 683.7 705.3 689.5 729.2
Consolidated Balance Sheets
(in $ millions, except share data)
At December 31 2024 2023
Assets
Current assets:
Cash and cash equivalents 3,720 6,341
Restricted cash 39 –
Accounts receivable, net 4,820 4,507
Inventories 4,755 4,291
Assets held for sale – 1,268
Other current assets 749 478
Total current assets 14,083 16,885
Property, plant and equipment, net 21,452 17,841
Equity method investments 737 620
Goodwill 11,061 9,158
Intangible assets, net 1,211 1,041
Operating lease right-of-use assets, net 1,274 1,292
Other noncurrent assets 795 632
Total assets 50,613 47,469
Liabilities, redeemable noncontrolling interests and shareholders’ equity
Current liabilities:
Accounts payable 3,207 3,149
Accrued expenses 2,248 2,296
Current portion of long-term debt 2,999 1,866
Operating lease liabilities 265 255
Liabilities held for sale – 375
Other current liabilities 1,577 2,072
Total current liabilities 10,296 10,013
Long-term debt 10,969 9,776
Deferred income tax liabilities 3,105 2,738
Noncurrent operating lease liabilities 1,074 1,125
Other noncurrent liabilities 2,319 2,196
Total liabilities 27,763 25,848
Commitments and contingencies
Redeemable noncontrolling interests 384 333
Shareholders’ equity
Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 1 1
shares issued and outstanding for 5% preferred stock and 872,000 shares
authorized, issued and outstanding for 7% 'A' preferred stock, as of December
31, 2024, and December 31, 2023
Common stock, €0.32 par value, 1,250,000,000 shares authorized; 718,647,277 290 296
and 734,519,598 shares issued and outstanding, as of December 31, 2024, and
December 31, 2023, respectively
Treasury stock, at cost (41,355,384 and 42,419,281 shares as of December 31, (2,137) (2,199)
2024, and December 31, 2023, respectively)
Additional paid-in capital 422 454
Accumulated other comprehensive loss (1,005) (616)
Retained earnings 24,036 22,918
Total shareholders’ equity attributable to CRH shareholders 21,607 20,854
Noncontrolling interests 859 434
Total equity 22,466 21,288
Total liabilities, redeemable noncontrolling interests and equity 50,613 47,469
Consolidated Statements of Cash Flows
(in $ millions)
For the years ended December 31 2024 2023
Cash Flows from Operating Activities:
Net income 3,521 3,072
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation, depletion and amortization 1,798 1,633
Loss on impairments 161 357
Share-based compensation 125 123
Gains on disposals from discontinued operations, businesses and long-lived (431) (66)
assets, net
Deferred tax expense (benefit) 180 (64)
Loss from equity method investments 108 17
Pension and other postretirement benefits net periodic benefit cost 34 31
Non-cash operating lease costs 262 293
Other items, net 14 68
Changes in operating assets and liabilities, net of effects of acquisitions
and divestitures:
Accounts receivable, net (122) (164)
Inventories (224) (60)
Accounts payable 48 144
Operating lease liabilities (287) (276)
Other assets (69) 25
Other liabilities (86) (72)
Pension and other postretirement benefits contributions (43) (44)
Net cash provided by operating activities 4,989 5,017
Cash Flows from Investing Activities:
Purchases of property, plant and equipment, and intangibles (2,578) (1,817)
Acquisitions, net of cash acquired (4,900) (640)
Proceeds from divestitures 1,001 –
Proceeds from disposal of long-lived assets 272 104
Dividends received from equity method investments 44 44
Settlements of derivatives (9) (1)
Deferred divestiture consideration received 83 6
Other investing activities, net (204) (87)
Net cash used in investing activities (6,291) (2,391)
Consolidated Statements of Cash Flows
(in $ millions)
For the years ended December 31 2024 2023
Cash Flows from Financing Activities:
Proceeds from debt issuances 4,001 3,163
Payments on debt (1,859) (1,462)
Settlements of derivatives (36) 7
Payments of finance lease obligations (57) (26)
Deferred and contingent acquisition consideration paid (21) (22)
Dividends paid (1,706) (940)
Distributions to noncontrolling and redeemable noncontrolling interests (53) (35)
Transactions involving noncontrolling interests 19 (2)
Repurchases of common stock (1,482) (3,067)
Proceeds from exercise of stock options 8 4
Net cash used in financing activities (1,186) (2,380)
Effect of exchange rate changes on cash and cash equivalents, including (143) 208
restricted cash
(Decrease)/increase in cash and cash equivalents, including restricted cash (2,631) 454
Cash and cash equivalents and restricted cash at the beginning of year 6,390 5,936
Cash and cash equivalents and restricted cash at the end of year 3,759 6,390
Supplemental cash flow information:
Cash paid for interest (including finance leases) 599 418
Cash paid for income taxes 960 959
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents presented in the Consolidated Balance Sheets 3,720 6,341
Restricted cash presented in the Consolidated Balance Sheets 39 –
Cash and cash equivalents included in Assets held for sale – 49
Total cash and cash equivalents and restricted cash presented in the 3,759 6,390
Consolidated Statements of Cash Flows
The financial information presented in this report does not constitute the
statutory financial statements for the purposes of Chapter 4 of Part 6 of the
Companies Act 2014. Full statutory financial statements for the year ended
December 31, 2024 prepared in accordance with International Financial
Reporting Standards (IFRS), upon which the Auditor has given an unqualified
audit report, have not yet been filed with the Registrar of Companies. Full
statutory financial statements for the year ended December 31, 2023, prepared
in accordance with IFRS and containing an unqualified audit report, have been
delivered to the Registrar of Companies.
Appendix 2 - Non-GAAP Reconciliation and Supplementary Information
CRH uses a number of non-GAAP performance measures to monitor financial
performance. These measures are referred to throughout the discussion of our
reported financial position and operating performance on a continuing
operations basis unless otherwise defined and are measures which are regularly
reviewed by CRH management. These performance measures may not be uniformly
defined by all companies and accordingly may not be directly comparable with
similarly titled measures and disclosures by other companies.
Certain information presented is derived from amounts calculated in accordance
with U.S. GAAP but is not itself an expressly permitted GAAP measure. The
non-GAAP performance measures as summarized below should not be viewed in
isolation or as an alternative to the equivalent GAAP measure.
Adjusted EBITDA: Adjusted EBITDA is defined as earnings from continuing
operations before interest, taxes, depreciation, depletion, amortization, loss
on impairments, gain/loss on divestitures and unrealized gain/loss on
investments, income/loss from equity method investments, substantial
acquisition-related costs and pension expense/income excluding current service
cost component. It is quoted by management in conjunction with other GAAP and
non-GAAP financial measures to aid investors in their analysis of the
performance of the Company. Adjusted EBITDA by segment is monitored by
management in order to allocate resources between segments and to assess
performance. Adjusted EBITDA margin is calculated by expressing Adjusted
EBITDA as a percentage of total revenues.
Reconciliation to its nearest GAAP measure is presented below:
Three months ended December 31 Year ended December 31
in $ millions 2024 2023 2024 2023
Net income 709 573 3,521 3,072
Loss from equity method investments (i) 135 38 108 17
Income tax expense 143 144 1,085 925
Gain on divestitures and unrealized gains on investments (ii) (8) – (250) –
Pension income excluding current service cost component (ii) (4) – (7) (3)
Other interest, net (ii) – 5 (1) 5
Interest expense 160 91 612 376
Interest income (31) (68) (143) (206)
Depreciation, depletion and amortization 510 446 1,798 1,633
Loss on impairments (i) 161 357 161 357
Substantial acquisition-related costs (iii) 1 – 46 –
Adjusted EBITDA 1,776 1,586 6,930 6,176
Total revenues 8,870 8,685 35,572 34,949
Net income margin 8.0% 6.6% 9.9% 8.8%
Adjusted EBITDA margin 20.0% 18.3% 19.5% 17.7%
(i) For the year ended December 31, 2024, the total impairment loss comprised
$0.35 billion, principally related to the Architectural Products reporting
unit within International Solutions and the equity method investment in China.
For the year ended December 31, 2023, the total impairment loss comprised $62
million within Americas Materials Solutions and $295 million within
International Solutions.
(ii) Gain on divestitures and unrealized gains on investments, pension income
excluding current service cost component and other interest, net have been
included in Other nonoperating (expense) income, net in the Consolidated
Statements of Income in Item 8. “Financial Statements and Supplementary
Data” in the Annual Report on Form 10-K.
(iii) Represents expenses associated with non-routine substantial
acquisitions, which meet the criteria for being separately reported in Note 4
“Acquisitions” in Item 8. “Financial Statements and Supplementary
Data” in the Annual Report on Form 10-K. Expenses in 2024 primarily include
legal and consulting expenses related to these non-routine substantial
acquisitions.
Adjusted EBITDA is not defined by GAAP and should not be considered as an
alternative to earnings measures defined by GAAP. Reconciliation to its
nearest GAAP measure for the mid-point of the 2025 Adjusted EBITDA guidance is
presented below:
in $ billions 2025
Mid-Point
Net income 3.9
Income tax expense 1.1
Interest expense, net 0.6
Depreciation, depletion and amortization 1.9
Adjusted EBITDA 7.5
Return on Net Assets (RONA): Return on Net Assets is a key internal pre-tax
and pre-impairment (which is non-cash) measure of operating performance
throughout the Company and can be used by management and investors to measure
the relative use of assets between CRH’s segments. The metric measures
management’s ability to generate income from the net assets required to
support that business, focusing on both profit maximization and the
maintenance of an efficient asset base; it encourages effective fixed asset
maintenance programs, good decisions regarding expenditure on property, plant
and equipment and the timely disposal of surplus assets. It also supports the
effective management of the Company’s working capital base. RONA is
calculated by expressing operating income from continuing operations and
operating income from discontinued operations excluding loss on impairments
(which is non-cash) as a percentage of average net assets. Net assets comprise
total assets by segment (including assets held for sale) less total
liabilities by segment (excluding finance lease liabilities and including
liabilities associated with assets classified as held for sale) as shown below
and detailed in Note 3 “Assets held for sale and discontinued operations”
in Item 8. “Financial Statements and Supplementary Data” in the Annual
Report on Form 10-K and excludes equity method investments and other financial
assets, Net Debt (as defined below) and tax assets and liabilities. The
average net assets for the year is the simple average of the opening and
closing balance sheet figures.
Reconciliation to its nearest GAAP measure is presented below:
in $ millions 2024 2023
Operating income A 4,925 4,186
Adjusted for loss on impairments (i) 161 357
Numerator for RONA computation 5,086 4,543
Current year
Segment assets (ii) 45,534 38,868
Segment liabilities (ii) (9,771) (10,169)
B 35,763 28,699
Finance lease liabilities 257 117
36,020 28,816
Assets held for sale (iii) – 1,268
Liabilities associated with assets classified as held for sale (iii) – (375)
36,020 29,709
Prior year
Segment assets (ii) 38,868 38,504
Segment liabilities (ii) (10,169) (8,883)
C 28,699 29,621
Finance lease liabilities 117 81
28,816 29,702
Assets held for sale (iii) 1,268 –
Liabilities associated with assets classified as held for sale (iii) (375) –
29,709 29,702
Denominator for RONA computation - average net assets 32,865 29,706
Return on net segment assets (A divided by average of B and C) 15.3% 14.4%
RONA 15.5% 15.3%
Total assets as reported in the Consolidated Balance Sheets 50,613 47,469
Total liabilities as reported in the Consolidated Balance Sheets 27,763 25,848
(i) Operating income is adjusted for loss on impairments. For the year ended
December 31, 2024, the total impairment loss comprised $161 million within
International Solutions. For the year ended December 31, 2023, the total
impairment loss comprised $62 million within Americas Materials Solutions and
$295 million within International Solutions.
(ii) Segment assets and liabilities as disclosed in Note 20 “Segment
Information” in Item 8. “Financial Statements and Supplementary Data” in
the Annual Report on Form 10-K.
(iii) Assets held for sale and liabilities associated with assets classified
as held for sale as disclosed in Note 3 “Assets held for sale and
discontinued operations” in Item 8. “Financial Statements and
Supplementary Data” in the Annual Report on Form 10-K.
Net Debt: Net Debt is used by management as it gives additional insight into
the Company’s current debt position less available cash. Net Debt is
provided to enable investors to see the economic effect of gross debt, related
hedges and cash and cash equivalents in total. Net Debt comprises short and
long-term debt, finance lease liabilities, cash and cash equivalents and
current and noncurrent derivative financial instruments (net).
Reconciliation to its nearest GAAP measure is presented below:
in $ millions 2024 2023
Short and long-term debt (13,968) (11,642)
Cash and cash equivalents (i) 3,720 6,390
Finance lease liabilities (257) (117)
Derivative financial instruments (net) (27) (37)
Net Debt (10,532) (5,406)
(i) 2023 includes $49 million cash and cash equivalents reclassified as held
for sale.
Organic Revenue and Organic Adjusted EBITDA: Because of the impact of
acquisitions, divestitures, currency exchange translation and other
non-recurring items on reported results each year, CRH uses organic revenue
and organic Adjusted EBITDA as additional performance indicators to assess
performance of pre-existing (also referred to as underlying, like-for-like or
ongoing) operations each year.
Organic revenue and organic Adjusted EBITDA are arrived at by excluding the
incremental revenue and Adjusted EBITDA contributions from current and prior
year acquisitions and divestitures, the impact of exchange translation, and
the impact of any one-off items. Changes in organic revenue and organic
Adjusted EBITDA are presented as additional measures of revenue and Adjusted
EBITDA to provide a greater understanding of the performance of the Company.
Organic change % is calculated by expressing the organic movement as a
percentage of the prior year (adjusted for currency exchange effects). A
reconciliation of the changes in organic revenue and organic Adjusted EBITDA
to the changes in total revenues and Adjusted EBITDA by segment, is presented
with the discussion within each segment’s performance in tables contained in
the segment discussion commencing on page 4.
Basic EPS pre‑impairment: Basic EPS pre-impairment is a measure of the
Company's profitability per share from continuing operations excluding any
loss on impairments (which is non-cash) and the related tax impact of such
impairments. It is used by management to evaluate the Company's underlying
profit performance and its own past performance. Basic EPS information
presented on a pre-impairment basis is useful to investors as it provides an
insight into the Company's underlying performance and profitability. Basic EPS
pre-impairment is calculated as income from continuing operations adjusted for
(i) net (income) attributable to redeemable noncontrolling interests (ii) net
loss (income) attributable to noncontrolling interests (iii) adjustment of
redeemable noncontrolling interests to redemption value and excluding any loss
on impairments (and the related tax impact of such impairments) divided by the
weighted average number of common shares outstanding for the year.
Reconciliation to its nearest GAAP measure is presented below:
in $ millions, except share and per share data Q4 2024 Per Q4 2023 Per 2024 Per 2023 Per
Share -
Share -
Share -
Share -
basic
basic
basic
basic
Weighted average common shares outstanding – basic 678.4 700.5 683.3 723.9
Net income 709 $1.05 573 $0.82 3,521 $5.15 3,072 $4.24
Net (income) attributable to redeemable noncontrolling interests (7) ($0.01) (7) ($0.01) (28) ($0.04) (28) ($0.04)
Net loss (income) attributable to noncontrolling interests 1 – 135 $0.19 (1) – 134 $0.19
Adjustment of redeemable noncontrolling interests to redemption value (4) ($0.01) (6) ($0.01) (34) ($0.05) (24) ($0.03)
Net Income for EPS 699 $1.03 695 $0.99 3,458 $5.06 3,154 $4.36
Impairment of property, plant and equipment and intangible assets 161 $0.24 224 $0.32 161 $0.24 224 $0.30
Tax related to impairment charges (26) ($0.04) (9) ($0.01) (26) ($0.04) (9) ($0.01)
Impairment of equity method investments (net of tax) 151 $0.22 – – 151 $0.22 – –
Net income for EPS – pre-impairment (i) 985 $1.45 910 $1.30 3,744 $5.48 3,369 $4.65
(i) Reflective of CRH’s share of impairment of property, plant and equipment
and intangible assets (2024: $161 million; 2023: $224 million), an impairment
of equity method investments (2024: $190 million; 2023: $nil million) and
related tax effect.
Appendix 3 - Disclaimer/Forward-Looking Statements
In order to utilize the “Safe Harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995, CRH plc is providing the
following cautionary statement.
This document contains statements that are, or may be deemed to be,
forward-looking statements with respect to the financial condition, results of
operations, business, viability and future performance of CRH and certain of
the plans and objectives of CRH. These forward-looking statements may
generally, but not always, be identified by the use of words such as
“will”, “anticipates”, “should”, “could”, “would”,
“targets”, “aims”, “may”, “continues”, “expects”, “is
expected to”, “estimates”, “believes”, “intends” or similar
expressions. These forward-looking statements include all matters that are not
historical facts or matters of fact at the date of this document.
In particular, the following, among other statements, are all forward-looking
in nature: plans and expectations regarding customer demand, pricing, costs,
underlying drivers for growth in infrastructure, residential and
non-residential markets, macroeconomic and market trends in regions where CRH
operates, and investments in manufacturing and clean energy initiatives; plans
and expectations regarding government funding initiatives and priorities;
plans and expectations regarding CRH’s decarbonization targets and
sustainability initiatives; plans and expectations regarding return of cash to
shareholders, including the timing and amount of share buybacks and dividends;
plans and expectations related to growth opportunities, strategic growth
initiatives and value creation; plans and expectations regarding capital
expenditures and capital allocation, net income, Adjusted EBITDA, earnings per
share and its growth, effective tax rate, interest expense and CRH’s 2025
full year performance; plans and expectations regarding CRH’s ability to
meet its upcoming debt obligations, CRH’s balance sheet and investment-grade
credit rating; and plans and expectations regarding the timing of completion
of and expected benefits from acquisitions and divestitures.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that may or may not
occur in the future and reflect the Company’s current expectations and
assumptions as to such future events and circumstances that may not prove
accurate. You are cautioned not to place undue reliance on any forward-looking
statements. These forward-looking statements are made as of the date of this
document. The Company expressly disclaims any obligation or undertaking to
publicly update or revise these forward-looking statements other than as
required by applicable law.
A number of material factors could cause actual results and developments to
differ materially from those expressed or implied by these forward-looking
statements, certain of which are beyond our control, and which include, among
other factors: economic and financial conditions, including changes in
interest rates, inflation, price volatility and/or labor and materials
shortages; demand for infrastructure, residential and non-residential
construction and our products in geographic markets in which we operate;
increased competition and its impact on prices and market position; increases
in energy, labor and/or other raw materials costs; adverse changes to laws and
regulations, including in relation to climate change; the impact of
unfavorable weather; investor and/or consumer sentiment regarding the
importance of sustainable practices and products; availability of public
sector funding for infrastructure programs; political uncertainty, including
as a result of political and social conditions in the jurisdictions CRH
operates in, or adverse political developments, including the ongoing
geopolitical conflicts in Ukraine and the Middle East; failure to complete or
successfully integrate acquisitions or make timely divestments; cyber-attacks
and exposure of associates, contractors, customers, suppliers and other
individuals to health and safety risks, including due to product failures.
Additional factors, risks and uncertainties that could cause actual outcomes
and results to be materially different from those expressed by the
forward-looking statements in this report include the risks and uncertainties
described under “Risk Factors” in CRH’s Annual Report on Form 10-K for
the period ended December 31, 2024 as filed with the SEC and CRH's other
filings with the SEC.
ir@crh.com
(mailto:ir@crh.com)
media@crh.com (mailto:media@crh.com)
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