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CRH reports improved earnings, margin, but outlook remains uncertain

By BFN News | 07:22 AM | Tuesday 24 November, 2020


Building materials supplier CRH reported improved earnings and margins despite a slip in sales, though said its outlook remained uncertain. For the nine months through September, sales fell 3% to £20.6 billion on like-for-like basis, while earnings before, interest, taxes, depreciation and amortization rose 2% to $3.4 billion. Third-quarter trading at the company's building products division was ahead, benefiting from strong residential repair, maintenance & improvement demand in North America. While activity began to recover in Europe materials, year-to-date sales remained behind the prior year. In Americas materials, third-quarter sales were impacted by unfavourable weather conditions and a strong prior year comparative. CRH said its EBITDA margin was up 100 basis points to 16.6%. It said it expected full-year EBITDA in 2020 to be in excess of $4.4 billion, ahead of 2019 on a like-for-like basis. Full-year pre-tax and pre-impairment profit was expected to be ahead of 2019's $2.2 billion. Looking ahead to 2021, the company said the outlook for the coming months remained uncertain with limited visibility. It expected to recognise non-cash impairment charges of about $0.8 billion related to its UK business and an associate investment in China. Story provided by StockMarketWire.com

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