CRH PLC on Monday reported a net loss in the first quarter, but remains optimistic on its full-year guidance.
CRH is a Dublin-based building materials supplier, focused on lime and limestone.
The company had a net loss of $98 million for the first quarter, ended March 31, swinging from $114 million in profit a year prior.
While the company’s regular business performance was strong, the loss was attributed to the firm not having the same one-time gains from selling parts of the business, which they had last year.
In the first quarter, CRH completed eight acquisitions valued at $600 million, a 73% decrease from $2.2 billion in 2024. Americas Materials Solutions accounted for five of these acquisitions, including the notable purchase of Talley Construction, an asphalt and paving company with operations across multiple US states. Additionally, Americas Building Solutions made three acquisitions. On the divestiture side, CRH generated $100 million in proceeds from asset sales, down 86% from $700 million the previous year.
The company saw a 3.5% increase in revenue, which rose to $6.76 billion from $6.53 billion the prior year.
The rise in revenue was driven by the growth from new acquisitions and strong business management, helping to outweigh the effects of selling off parts of the business and lower activity caused by bad weather in many areas.
Total cost of revenues grew by 4.0%, climbing to $4.92 billion from $4.73 billion the previous year. Additionally, CRH’s selling, general, and administrative expenses also rose by 2.2%, reaching $1.83 billion, compared to $1.79 billion the previous year.
Adjusted earnings before interest, tax, depreciation and amortisation rose 11% to $495 million.
CRH continued its share repurchases, buying back a total of $300 million in shares during the first quarter. Last week, the latest tranche of its buyback was completed, bringing the total year-to-date repurchases to $500 million. The company also announced an additional $300 million tranche of share buybacks will be completed no later than August 5.
Chief Executive Officer Jim Mintern attributed the company’s first-quarter performance to its ‘differentiated strategy,’ effective commercial management, and positive contributions from recent acquisitions.
‘Although the first quarter is typically the seasonally least significant period for our business, we are encouraged by the continued strength of underlying demand across our key markets,’ Mintern added.
Looking ahead, CRH reaffirmed its full-year guidance, expecting net income to between $3.7 billion and $4.1 billion, with adjusted earnings before interest, taxes, depreciation, and amortisation projected between $7.3 billion and $7.7 billion. In comparison, CRH reported a net income of $3.52 billion and an adjusted Ebitda of $6.9 billion for 2024.
CRH remains optimistic about its long-term prospects, with continued strength expected in key markets and a focus on growth through strategic acquisitions and effective cost management.
CRH shares were down 4.0% to 7,084.00 pence in London on Tuesday morning.
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