REG-CRH plc CRH publishes quarterly U.S. GAAP information for 2023
11/04/2024 12:00
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CRH publishes quarterly U.S. GAAP information for 2023
CRH plc, a leading provider of building materials solutions, today provides
quarterly information under U.S. GAAP for the financial year ended December
31, 2023.
Quarterly financial information is now available at Appendix 1 and at
www.crh.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.crh.com%2F&esheet=53927555&newsitemid=20240411194300&lan=en-US&anchor=www.crh.com&index=1&md5=0977e6531546fe8ab84194f1b747ea26)
.
About CRH
CRH (NYSE: CRH, LSE: CRH) is a leading provider of building materials
solutions that build, connect and improve our world. Employing approximately
78,500 people at approximately 3,390 operating locations in 29 countries, CRH
has market leadership positions in both North America and Europe. As the
essential partner for transportation and critical utility infrastructure
projects, complex non-residential construction and outdoor living solutions,
CRH’s unique offering of materials, products and value-added services helps
to deliver a more resilient and sustainable built environment. The company is
ranked among sector leaders by Environmental, Social and Governance (ESG)
rating agencies. A Fortune 500 company, CRH’s shares are listed on the NYSE
and LSE.
Registered Office: No 12965. Registered Office: 42 Fitzwilliam Square, Dublin
2, D02 R279, Ireland
Appendix 1 - Quarterly Financial Information
The following financial information represents a quarterly breakdown of the
Company’s Consolidated Financial Statements prepared in accordance with U.S.
GAAP for the year ended December 31, 2023. The full audited Consolidated
Financial Statements prepared in accordance with U.S. GAAP for the year ended
December 31, 2023, including notes thereto, are included as a part of 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)
Unaudited, for the three months ended Audited, for the
year ended
March 31, June 30, September 30, December 31, December 31,
2023
2023
2023
2023
2023
Product revenues 5,338 7,431 7,157 6,230 26,156
Service revenues 1,089 2,278 2,971 2,455 8,793
Total revenues 6,427 9,709 10,128 8,685 34,949
Cost of product revenues (3,744) (3,932) (3,609) (3,456) (14,741)
Cost of service revenues (1,064) (2,147) (2,756) (2,278) (8,245)
Total cost of revenues (4,808) (6,079) (6,365) (5,734) (22,986)
Gross profit 1,619 3,630 3,763 2,951 11,963
Selling, general and administrative expenses (1,622) (2,035) (1,990) (1,839) (7,486)
Gain on disposal of long-lived assets 5 18 15 28 66
Loss on impairments – – – (357) (357)
Operating income 2 1,613 1,788 783 4,186
Interest income 40 36 62 68 206
Interest expense (81) (73) (131) (91) (376)
Other nonoperating income (expense), net – 2 1 (5) (2)
(Loss) income before income tax expense and income from equity method (39) 1,578 1,720 755 4,014
investments
Income tax benefit (expense) 14 (379) (416) (144) (925)
(Loss) income from equity method investments (6) 13 14 (38) (17)
Net (loss) income (31) 1,212 1,318 573 3,072
Net (income) attributable to redeemable noncontrolling interests (2) (10) (9) (7) (28)
Net loss (income) attributable to noncontrolling interests 5 (3) (3) 135 134
Net (loss) income attributable to CRH plc (28) 1,199 1,306 701 3,178
(Loss) earnings per share attributable to CRH plc
Basic ($0.05) $1.63 $1.81 $0.99 $4.36
Diluted ($0.05) $1.62 $1.80 $0.99 $4.33
Weighted average common shares outstanding
Basic 742.9 734.7 718.2 700.5 723.9
Diluted 742.9 738.2 722.1 705.3 729.2
Consolidated Balance Sheets
(In $ millions, except share data)
Unaudited, as at Audited, as at
March 31, June 30, September 30, December 31,
2023
2023
2023
2023
Assets
Current assets:
Cash and cash equivalents 4,650 4,275 5,722 6,341
Accounts receivable, net 4,706 6,119 5,972 4,507
Inventories 4,458 4,276 4,191 4,291
Assets held for sale – – – 1,268
Other current assets 416 404 430 478
Total current assets 14,230 15,074 16,315 16,885
Property, plant and equipment, net 17,997 18,155 18,103 17,841
Equity method investments 655 672 665 620
Goodwill 9,308 9,338 9,545 9,158
Intangible assets, net 1,094 1,061 1,074 1,041
Operating lease right-of-use assets, net 1,192 1,187 1,237 1,292
Other noncurrent assets 631 655 692 632
Total assets 45,107 46,142 47,631 47,469
Liabilities, redeemable noncontrolling interests and shareholders’ equity
Current liabilities:
Accounts payable 2,627 3,553 2,954 3,149
Accrued expenses 2,079 2,335 2,457 2,296
Current portion of long-term debt 2,251 2,185 1,860 1,866
Operating lease liabilities 235 240 245 255
Liabilities held for sale – – – 375
Other current liabilities 2,063 1,358 1,675 2,072
Total current liabilities 9,255 9,671 9,191 10,013
Long-term debt 7,583 7,563 9,535 9,776
Deferred income tax liabilities 2,972 3,010 3,050 2,738
Noncurrent operating lease liabilities 1,021 1,016 1,065 1,125
Other noncurrent liabilities 2,132 2,173 2,142 2,196
Total liabilities 22,963 23,433 24,983 25,848
Commitments and contingencies
Redeemable noncontrolling interests 307 313 320 333
Shareholders’ equity
Preferred stock, €1.27 par value, 150,000 shares authorized and 50,000 1 1 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 March 31,
June 30, September 30 and December 31, 2023
Common stock, €0.32 par value, 1,250,000,000 shares authorized, as of March 302 302 302 296
31, June 30, September 30 and December 31, 2023; 752,140,338 shares issued and
outstanding, as of March 31 and June 30 and 750,725,468 and 734,519,598 shares
issued and outstanding, as of September 30 and December 31, 2023, respectively
Treasury stock, at cost (11,596,581, 24,158,408, 41,554,960 and 42,419,281 (487) (1,140) (2,132) (2,199)
shares as of March 31, June 30, September 30 and December 31, 2023,
respectively)
Additional paid-in capital 420 391 423 454
Accumulated other comprehensive loss (673) (625) (763) (616)
Retained earnings 21,692 22,892 23,936 22,918
Total shareholders’ equity attributable to CRH plc shareholders 21,255 21,821 21,767 20,854
Noncontrolling interests 582 575 561 434
Total equity 21,837 22,396 22,328 21,288
Total liabilities, redeemable noncontrolling interests and equity 45,107 46,142 47,631 47,469
Consolidated Statements of Cash Flows
(In $ millions)
Unaudited Audited
Three months ended Six months ended Nine months ended Year ended
March 31,
June 30,
September 30,
December 31,
2023
2023
2023
2023
Cash Flows from Operating Activities:
Net (loss) income (31) 1,181 2,499 3,072
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation, depletion and amortization 384 785 1,187 1,633
Loss on impairments – – – 357
Share-based compensation 31 60 92 123
Gains on disposals from long-lived assets, net (5) (23) (38) (66)
Deferred tax expense (benefit) 49 95 108 (64)
Loss (income) from equity method investments 6 (7) (21) 17
Pension and other postretirement benefits net periodic benefit cost 8 14 22 31
Non-cash operating lease costs 69 138 212 293
Other items, net (3) 35 33 68
Changes in operating assets and liabilities, net of effects of acquisitions
and divestitures:
Accounts receivable, net (356) (1,758) (1,643) (164)
Inventories (217) (22) 62 (60)
Accounts payable (339) 558 (30) 144
Operating lease liabilities (70) (137) (204) (276)
Other assets (21) (2) (5) 25
Other liabilities (164) 69 354 (72)
Pension and other postretirement benefits contributions (12) (23) (34) (44)
Net cash (used in) provided by operating activities (671) 963 2,594 5,017
Cash Flows from Investing Activities:
Purchases of property, plant and equipment (332) (771) (1,175) (1,817)
Acquisitions, net of cash acquired (155) (198) (561) (640)
Proceeds from divestitures and disposals of long-lived assets 6 42 64 104
Dividends received from equity method investments 8 12 23 44
Settlements of derivatives (2) 7 3 (1)
Deferred divestiture consideration received – – 5 6
Other investing activities, net (17) (62) (88) (87)
Net cash used in investing activities (492) (970) (1,729) (2,391)
Consolidated Statements of Cash Flows
(In $ millions)
Unaudited Audited
Three months ended Six months ended Nine months ended Year ended
March 31,
June 30,
September 30,
December 31,
2023
2023
2023
2023
Cash Flows from Financing Activities:
Proceeds from debt issuances 71 855 2,687 3,163
Payments on debt – (849) (940) (1,462)
Settlements of derivatives 6 4 5 7
Payments of finance lease obligations (6) (12) (18) (26)
Deferred and contingent acquisition consideration paid (4) (4) (8) (22)
Dividends paid – (761) (761) (940)
Distributions to noncontrolling and redeemable noncontrolling interests (13) (23) (35) (35)
Transactions involving noncontrolling interests – – – (2)
Repurchases of common stock (246) (959) (2,031) (3,067)
Proceeds from exercise of stock options 1 3 4 4
Net cash used in financing activities (191) (1,746) (1,097) (2,380)
Effect of exchange rate changes on cash and cash equivalents 68 92 18 208
(Decrease) increase in cash and cash equivalents (1,286) (1,661) (214) 454
Cash and cash equivalents at the beginning of period 5,936 5,936 5,936 5,936
Cash and cash equivalents at the end of period 4,650 4,275 5,722 6,390
Supplemental cash flow information:
Cash paid for interest (including finance leases) 54 201 244 418
Cash paid for income taxes 104 277 620 959
Reconciliation of cash and cash equivalents
Cash and cash equivalents presented in the Consolidated Balance Sheets 4,650 4,275 5,722 6,341
Cash and cash equivalents included in assets held for sale – – – 49
Total cash and cash equivalents presented on the Consolidated Statements of 4,650 4,275 5,722 6,390
Cash Flows
Segment Information
(In $ millions)
Unaudited, for the three months ended Audited, for the
year ended
March 31, June 30, September 30, December 31, December 31,
2023
2023
2023
2023
2023
Revenues
Americas Materials Solutions 1,895 4,164 5,080 4,296 15,435
Americas Building Solutions 1,661 2,148 1,738 1,470 7,017
Europe Materials Solutions 2,178 2,614 2,617 2,281 9,690
Europe Building Solutions 693 783 693 638 2,807
Total revenues 6,427 9,709 10,128 8,685 34,949
Adjusted EBITDA*
Americas Materials Solutions (35) 935 1,284 875 3,059
Americas Building Solutions 301 474 391 276 1,442
Europe Materials Solutions 68 515 446 366 1,395
Europe Building Solutions 52 90 69 69 280
Total Adjusted EBITDA* 386 2,014 2,190 1,586 6,176
Depreciation, depletion and amortization
Americas Materials Solutions 186 195 195 205 781
Americas Building Solutions 75 73 73 78 299
Europe Materials Solutions 101 111 112 140 464
Europe Building Solutions 22 22 22 23 89
Total depreciation, depletion and amortization 384 401 402 446 1,633
For the three months ended For the year
ended
Non-GAAP reconciliation (unaudited) March 31, June 30, September 30, December 31, December 31,
2023
2023
2023
2023
2023
Net (loss) income (31) 1,212 1,318 573 3,072
Loss (income) from equity method investments 6 (13) (14) 38 17
Income tax (benefit) expense (14) 379 416 144 925
Pension income excluding current service cost component (i) – (2) (1) – (3)
Other interest, net (i) – – – 5 5
Interest expense 81 73 131 91 376
Interest income (40) (36) (62) (68) (206)
Depreciation, depletion and amortization 384 401 402 446 1,633
Loss on impairments (ii) – – – 357 357
Adjusted EBITDA* 386 2,014 2,190 1,586 6,176
(i) Pension income excluding current service cost component and other
interest, net have been included in Other nonoperating income (expense), net
in the Consolidated Statements of Income.
(ii) For the year ended December 31, 2023, the total loss on impairments
comprised of $62 million within Americas Materials Solutions and $295 million
within Europe Materials Solutions.
*Adjusted EBITDA is defined as earnings from continuing operations before
interest, taxes, depreciation, depletion, amortization, loss on impairments,
gain/loss on divestitures, 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. Reconciliation to its nearest GAAP measure is presented above.
Earnings Per Share (EPS)
(In $ millions, except share and per share data)
Unaudited, for the three months ended Audited, for the
year ended
March 31, June 30, September 30, December 31, December 31,
2023
2023
2023
2023
2023
Numerator
Net (loss) income (31) 1,212 1,318 573 3,072
Net (income) attributable to redeemable noncontrolling interests (2) (10) (9) (7) (28)
Net loss (income) attributable to noncontrolling interests 5 (3) (3) 135 134
Adjustment of redeemable noncontrolling interests to redemption value (10) (2) (6) (6) (24)
Net (loss) income attributable to CRH plc for EPS - basic and diluted (38) 1,197 1,300 695 3,154
Denominator
Weighted average common shares outstanding – Basic (i) 742.9 734.7 718.2 700.5 723.9
Effect of dilutive employee share awards (ii) - 3.5 3.9 4.8 5.3
Weighted average common shares outstanding – Diluted 742.9 738.2 722.1 705.3 729.2
(Loss) earnings per share attributable to CRH plc
Basic ($0.05) $1.63 $1.81 $0.99 $4.36
Diluted ($0.05) $1.62 $1.80 $0.99 $4.33
(i) The weighted average number of common shares included in the computation
of basic and diluted earnings per share has been adjusted to exclude shares
repurchased and held by the Company as Treasury Stock given that these shares
do not rank for dividend.
(ii) Common shares that would only be issued contingent on certain conditions
totaling 6,928,751, 5,700,540, 5,336,581 and 4,677,404 at March 31, June 30,
September 30 and December 31, 2023, respectively, are excluded from the
computation of diluted earnings per share where the conditions governing
exercisability have not been satisfied as of the end of the reporting period
or they are antidilutive for the periods presented. In periods of loss, shares
that otherwise would have been included in our diluted weighted average common
shares outstanding computation have been excluded.
Appendix 2 - Disclaimer
The financial information presented in this document does not constitute
statutory financial statements for the purposes of Chapter 4 of Part 6 of the
Companies Act 2014. The Company’s statutory financial statements for the
year ended December 31, 2023 prepared in accordance with IFRS, upon which the
auditors expressed an unqualified opinion, were published on March 15, 2024
and are expected to be delivered to the Registrar of Companies of Ireland
within 56 days of the annual return date in 2024.
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Contact CRH at +353 1 404 1000
Albert Manifold, Chief Executive
Jim Mintern, Chief Financial Officer
Frank Heisterkamp, Director of Capital Markets & ESG
Tom Holmes, Head of Investor Relations
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