CRH 2024 Full Year Results
CRH reported strong financial results for Q4 and full year 2024, with total revenues reaching $35.6 billion, up 2% from 2023. Net income increased 15% to $3.5 billion, while Adjusted EBITDA grew 12% to $6.9 billion. The company completed 40 acquisitions for $5.0 billion, including major investments in Texas cement operations ($2.1 billion) and Australia's Adbri.
Q4 2024 performance showed revenue of $8.9 billion (+2% YoY) and net income of $0.7 billion (+24% YoY). The company maintained strong margins, with Q4 net income margin at 8.0% and Adjusted EBITDA margin at 20.0%.
CRH returned $3 billion to shareholders through dividends and buybacks, including a 5% dividend increase to $1.40 per share. The company announced a new quarterly dividend of $0.37 per share (+6% annualized) and completed a $1.3 billion share buyback program, with an additional $0.3 billion tranche planned.
CRH ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, con ricavi totali che hanno raggiunto 35,6 miliardi di dollari, in aumento del 2% rispetto al 2023. L'utile netto è aumentato del 15% a 3,5 miliardi di dollari, mentre l'EBITDA rettificato è cresciuto del 12% a 6,9 miliardi di dollari. L'azienda ha completato 40 acquisizioni per 5,0 miliardi di dollari, comprese importanti investimenti nelle operazioni di cemento in Texas (2,1 miliardi di dollari) e in Adbri, Australia.
Le performance del quarto trimestre 2024 hanno mostrato ricavi di 8,9 miliardi di dollari (+2% su base annua) e un utile netto di 0,7 miliardi di dollari (+24% su base annua). L'azienda ha mantenuto margini forti, con un margine di utile netto del quarto trimestre all'8,0% e un margine EBITDA rettificato al 20,0%.
CRH ha restituito 3 miliardi di dollari agli azionisti tramite dividendi e riacquisti, inclusa un aumento del dividendo del 5% a 1,40 dollari per azione. L'azienda ha annunciato un nuovo dividendo trimestrale di 0,37 dollari per azione (+6% annualizzato) e ha completato un programma di riacquisto di azioni da 1,3 miliardi di dollari, con un ulteriore tranche di 0,3 miliardi di dollari pianificata.
CRH reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con ingresos totales que alcanzaron los 35.6 mil millones de dólares, un aumento del 2% en comparación con 2023. El ingreso neto aumentó un 15% a 3.5 mil millones de dólares, mientras que el EBITDA ajustado creció un 12% a 6.9 mil millones de dólares. La compañía completó 40 adquisiciones por 5.0 mil millones de dólares, incluyendo importantes inversiones en operaciones de cemento en Texas (2.1 mil millones de dólares) y en Adbri, Australia.
El rendimiento del cuarto trimestre de 2024 mostró ingresos de 8.9 mil millones de dólares (+2% interanual) y un ingreso neto de 0.7 mil millones de dólares (+24% interanual). La compañía mantuvo márgenes sólidos, con un margen de ingreso neto del cuarto trimestre del 8.0% y un margen de EBITDA ajustado del 20.0%.
CRH devolvió 3 mil millones de dólares a los accionistas a través de dividendos y recompra de acciones, incluyendo un aumento del dividendo del 5% a 1.40 dólares por acción. La compañía anunció un nuevo dividendo trimestral de 0.37 dólares por acción (+6% anualizado) y completó un programa de recompra de acciones de 1.3 mil millones de dólares, con un tramo adicional de 0.3 mil millones de dólares planeado.
CRH는 2024년 4분기 및 전체 연도에 대한 강력한 재무 실적을 보고했으며, 총 수익은 356억 달러에 달하며 2023년 대비 2% 증가했습니다. 순이익은 15% 증가하여 35억 달러에 이르렀고, 조정 EBITDA는 12% 증가하여 69억 달러에 달했습니다. 이 회사는 텍사스 시멘트 운영(21억 달러) 및 호주의 Adbri에 대한 주요 투자를 포함하여 50억 달러에 40건의 인수를 완료했습니다.
2024년 4분기 실적은 89억 달러의 수익(+2% 전년 대비)과 7억 달러의 순이익(+24% 전년 대비)을 보여주었습니다. 이 회사는 4분기 순이익 마진이 8.0%이고 조정 EBITDA 마진이 20.0%로 강력한 마진을 유지했습니다.
CRH는 배당금과 자사주 매입을 통해 주주에게 30억 달러를 환원했으며, 주당 배당금을 5% 인상하여 1.40달러로 설정했습니다. 이 회사는 주당 0.37달러(+6% 연환산)의 새로운 분기 배당금을 발표했으며, 13억 달러 규모의 자사주 매입 프로그램을 완료하고 추가로 3억 달러의 트랜치를 계획했습니다.
CRH a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024, avec des revenus totaux atteignant 35,6 milliards de dollars, en hausse de 2% par rapport à 2023. Le bénéfice net a augmenté de 15% pour atteindre 3,5 milliards de dollars, tandis que l'EBITDA ajusté a crû de 12% pour atteindre 6,9 milliards de dollars. L'entreprise a complété 40 acquisitions pour 5,0 milliards de dollars, y compris des investissements majeurs dans les opérations de ciment au Texas (2,1 milliards de dollars) et en Australie avec Adbri.
Les performances du quatrième trimestre 2024 ont montré des revenus de 8,9 milliards de dollars (+2% par rapport à l'année précédente) et un bénéfice net de 0,7 milliard de dollars (+24% par rapport à l'année précédente). L'entreprise a maintenu des marges solides, avec une marge de bénéfice net au quatrième trimestre de 8,0% et une marge EBITDA ajustée de 20,0%.
CRH a restitué 3 milliards de dollars aux actionnaires par le biais de dividendes et de rachats d'actions, y compris une augmentation de 5% du dividende à 1,40 dollar par action. L'entreprise a annoncé un nouveau dividende trimestriel de 0,37 dollar par action (+6% annualisé) et a complété un programme de rachat d'actions de 1,3 milliard de dollars, avec une tranche supplémentaire de 0,3 milliard de dollars prévue.
CRH berichtete über starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024, mit einem Gesamtumsatz von 35,6 Milliarden Dollar, was einem Anstieg von 2% gegenüber 2023 entspricht. Der Nettogewinn stieg um 15% auf 3,5 Milliarden Dollar, während das bereinigte EBITDA um 12% auf 6,9 Milliarden Dollar wuchs. Das Unternehmen schloss 40 Übernahmen im Wert von 5,0 Milliarden Dollar ab, einschließlich bedeutender Investitionen in Zementbetriebe in Texas (2,1 Milliarden Dollar) und in Adbri, Australien.
Die Leistung im vierten Quartal 2024 zeigte einen Umsatz von 8,9 Milliarden Dollar (+2% im Jahresvergleich) und einen Nettogewinn von 0,7 Milliarden Dollar (+24% im Jahresvergleich). Das Unternehmen hielt starke Margen aufrecht, mit einer Nettogewinnmarge von 8,0% im vierten Quartal und einer bereinigten EBITDA-Marge von 20,0%.
CRH gab 3 Milliarden Dollar an die Aktionäre in Form von Dividenden und Aktienrückkäufen zurück, einschließlich einer Erhöhung der Dividende um 5% auf 1,40 Dollar pro Aktie. Das Unternehmen kündigte eine neue vierteljährliche Dividende von 0,37 Dollar pro Aktie (+6% annualisiert) an und schloss ein Aktienrückkaufprogramm über 1,3 Milliarden Dollar ab, mit einem zusätzlichen Tranche von 0,3 Milliarden Dollar, die geplant ist.
- Net income increased 15% to $3.5B in 2024
- Adjusted EBITDA grew 12% to $6.9B
- Net income margin expanded to 9.9% from 8.8%
- Completed 40 strategic acquisitions worth $5.0B
- Increased dividend by 5% and announced new $0.3B buyback
- Strong pricing power across business segments
- Weather disruptions impacted volumes in certain regions
- Subdued new-build residential demand affected performance
- Americas Building Solutions EBITDA declined 4% YoY
- Lower activity levels in Western Europe
Insights
CRH has delivered exceptional financial performance in 2024, with
The standout performer was Americas Materials Solutions, which delivered
CRH's strategic transformation accelerated significantly in 2024, with
The company's robust cash generation supported both this acquisition spree and
Looking ahead to 2025, CRH is well-positioned to benefit from substantial infrastructure investment in North America and Europe, with additional tailwinds from re-industrialization activities driving non-residential construction. While residential new-build remains subdued, repair and remodel activity provides some offset. The company's diversified exposure across materials, products, and distribution channels creates resilience against market fluctuations.
CRH's commitment to innovation and sustainability, including its industry-leading target of
CRH's 2024 results demonstrate a masterful execution of its vertically integrated business model, delivering
The pricing power demonstrated across product categories is particularly impressive given the competitive nature of building materials markets. Aggregates pricing increased
CRH's
The company's infrastructure exposure is particularly well-timed as both U.S. and European markets benefit from increased public spending. In the U.S., the Infrastructure Investment and Jobs Act continues to drive project activity, while in Europe, EU funding supports both traditional infrastructure and energy transition projects. CRH's materials and products portfolio is specifically designed to capture premium positioning in these projects through specialized solutions rather than basic commodities.
CRH's sustainability initiatives, including investments in technologies like FIDO AI for water infrastructure, represent both environmental progress and commercial opportunities. The company's approach to decarbonization focuses on practical applications that deliver both environmental and economic benefits, avoiding purely compliance-driven investments that lack commercial return.
Looking ahead, CRH's vertical integration provides significant advantages in managing both input costs and end-market pricing, creating resilience against potential headwinds from interest rate pressures on certain construction segments. The company's geographic diversification, product breadth, and end-market exposure position it exceptionally well for continued outperformance in 2025.
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Key Highlights |
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|
Summary Financials |
Q4 2024 |
Change |
FY 2024 |
Change |
|
Total revenues |
|
+ |
|
+ |
|
Net income |
|
+ |
|
+ |
|
Net income margin |
|
+140bps |
|
+110bps |
|
Adjusted EBITDA* |
|
+ |
|
+ |
|
Adjusted EBITDA margin* |
|
+170bps |
|
+180bps |
|
Basic EPS |
|
+ |
|
+ |
|
Basic EPS pre-impairment* |
|
+ |
|
+ |
|
Net cash provided by operating activities |
|
|
|
( |
|
Return on net segment assets |
|
|
|
+90bps |
|
Return on Net Assets* |
|
|
|
+20bps |
|
|
||||
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 11th 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
________________________________________ |
* 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 |
Performance Overview
Three months ended December 31, 2024
Fourth quarter 2024 total revenues of
-
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 was20% 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 was9% 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 was9% 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
-
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 was22% 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 was4% 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 was7% 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
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
CRH completed 10 divestitures and realized proceeds from divestitures and disposal of long-lived assets (including deferred divestiture consideration received) of
During the three months ended December 31, 2024, CRH completed 12 acquisitions for a total consideration of
During the three months ended December 31, 2024, cash proceeds from divestitures and disposal of long-lived assets were
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
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
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
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) |
|
|
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 |
||
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 |
( |
Adjusted EBITDA |
875 |
(3) |
+52 |
(14) |
+143 |
1,053 |
+ |
Adjusted EBITDA margin |
|
|
|
|
|
|
|
Americas Materials Solutions’ total revenues were
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
In Road Solutions, total revenues were
Fourth quarter 2024 Adjusted EBITDA for Americas Materials Solutions of
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 |
+ |
Adjusted EBITDA |
3,059 |
(6) |
+180 |
(36) |
+548 |
3,745 |
+ |
Adjusted EBITDA margin |
|
|
|
|
|
|
|
Americas Materials Solutions’ total revenues were
In Essential Materials, total revenues were
In Road Solutions, total revenues increased by
Adjusted EBITDA for Americas Materials Solutions of
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 |
+ |
Adjusted EBITDA |
276 |
(1) |
+6 |
– |
(31) |
250 |
( |
Adjusted EBITDA margin |
|
|
|
|
|
|
|
Americas Building Solutions' total revenues were
In Building & Infrastructure Solutions, total revenues were
In Outdoor Living Solutions, total revenues were
Adjusted EBITDA for Americas Building Solutions was
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 |
+ |
Adjusted EBITDA |
1,442 |
(2) |
+34 |
– |
(85) |
1,389 |
( |
Adjusted EBITDA margin |
|
|
|
|
|
|
|
In 2024, Americas Building Solutions' total revenues were
In Building & Infrastructure Solutions, total revenues were
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
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 |
+ |
Adjusted EBITDA |
435 |
+3 |
+35 |
(42) |
+42 |
473 |
+ |
Adjusted EBITDA margin |
|
|
|
|
|
|
|
International Solutions’ total revenues were
In Essential Materials, total revenues were
In Road Solutions, revenues were
Within Building & Infrastructure Solutions and Outdoor Living Solutions, total revenues were
Adjusted EBITDA in International Solutions was
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 |
( |
Adjusted EBITDA |
1,675 |
+17 |
+100 |
(136) |
+140 |
1,796 |
+ |
Adjusted EBITDA margin |
|
|
|||||
International Solutions’ total revenues were
In Essential Materials, total revenues were
In Road Solutions, total revenues were
Total revenues in Building & Infrastructure Solutions and Outdoor Living Solutions declined by
Adjusted EBITDA in International Solutions was
Other Financial Items
Depreciation, depletion and amortization charges for the year ended December 31, 2024 of
Arising from CRH’s annual impairment testing process, non-cash impairment charges of
Gain on disposal of long-lived assets of
Interest income of
Other nonoperating income (expense), net, was an income of
Income before income tax expense and income from equity method investments was
Basic earnings per share was
Balance Sheet and Liquidity
2024 marked another year of strong cash generation for CRH with net cash provided by operating activities of
Total short-term and long-term debt was
Net Debt* at December 31, 2024 was
CRH ended 2024 with
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. 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
Ex-dividend Date: |
March 14, 2025 |
Record Date: |
March 14, 2025 |
Payment Date: |
April 16, 2025 |
The default payment currency is
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
Appendices
Appendix 1 - Primary Statements
The following financial statements are an extract of the Company’s Consolidated Financial Statements prepared in accordance with
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 |
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
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 |
1 |
Common stock, |
290 |
296 |
Treasury stock, at cost (41,355,384 and 42,419,281 shares as of December 31, 2024, and December 31, 2023, respectively) |
(2,137) |
(2,199) |
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 assets, net |
(431) |
(66) |
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 restricted cash |
(143) |
208 |
(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 Consolidated Statements of Cash Flows |
3,759 |
6,390 |
|
|
|
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
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 |
|
|
|
|
|
Adjusted EBITDA margin |
|
|
|
|
|
|
|
|
|
|
|
(i) For the year ended December 31, 2024, the total impairment loss comprised |
|||||
(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) |
|
|
|
|
|
|
|
RONA |
|
|
|
|
|
|
|
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 |
|||
(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 |
||
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
|
Weighted average common shares outstanding – basic |
678.4 |
|
700.5 |
|
683.3 |
|
723.9 |
|
|
|
|
|
|
|
|
|
|
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 |
|
Adjustment of redeemable noncontrolling interests to redemption value |
(4) |
( |
(6) |
( |
(34) |
( |
(24) |
( |
Net Income for EPS |
699 |
|
695 |
|
3,458 |
|
3,154 |
|
Impairment of property, plant and equipment and intangible assets |
161 |
|
224 |
|
161 |
|
224 |
|
Tax related to impairment charges |
(26) |
( |
(9) |
( |
(26) |
( |
(9) |
( |
Impairment of equity method investments (net of tax) |
151 |
|
– |
– |
151 |
|
– |
– |
Net income for EPS – pre-impairment (i) |
985 |
|
910 |
|
3,744 |
|
3,369 |
|
|
|
|
|
|
|
|
|
|
(i) Reflective of CRH’s share of impairment of property, plant and equipment and intangible assets (2024: |
||||||||
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226390295/en/
Source: CRH
FAQ
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