CRH to increase share buybacks to $3 billion in 2023
02/03/2023 08:28
DUBLIN, March 2 (Reuters) - Building materials giant CRH
CRH.I on Thursday announced plans to buy back shares worth $3
billion, a more than three-fold increase on last year's
buybacks, as it reported record sales and profits for 2022.
The world's second-largest building materials supplier said
the leap from the $1.2 billion worth of stock it purchased last
year reflected the fact that its balance sheet has never been
stronger, with net debt at 0.9 times core earnings.
The Irish company also recommended to shareholders that it
moves its primary listing to the United States where it made
around 75% of its $5.6 billion in core earnings last year, which
were up 13%.
Shares in CRH were up 10% at 0814 GMT.
(Reporting by Padraic Halpin; editing by Jason Neely)
((padraic.halpin@thomsonreuters.com; +353 1 500 1504; Reuters
Messaging: padraic.halpin.thomsonreuters.com@reuters.net))