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CRH forecasts growth after beating 2023 profit target

Reuters
·1-min read

DUBLIN, Feb 29 (Reuters) - CRH forecast core profit growth of 6% to 10% in 2024 after the largest building materials producer in the United States and Europe posted 15% growth for 2023 on Thursday, topping its guidance.

The Dublin-based group, which makes about 75% of its profits in the United States, expects full-year adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of between $6.55 billion and $6.85 billion this year

It posted an adjusted EBITDA of $6.2 billion for 2023, or $6.5 billion using the International Financial Reporting Standards, which was ahead of its guidance of $6.3 billion under IFRS in November.

CRH has transitioned to the U.S. GAAP reporting standard as part of its move to the New York Stock Exchange last September.

It said it expects a favourable market backdrop and continued price increases in 2024, driven by significant infrastructure investment and increased "reshoring" of manufacturing activity across its markets in North America and Europe. (Reporting by Padraic Halpin; editing by Jason Neely)