Building materials group CRH has issued its Q2 results for the three months ended June 30, 2024, which show the company saw an 8% year-on-year increase in net income to US$1.3bn.
CRH has raised its full-year 2024 guidance, with net income predicted to increase to between US$3.70bn-US$3.85bn.
The group says that the outlook for its business is positive with favourable underlying demand across key markets. It adds that the group’s carefully constructed portfolio & operating footprint has mitigated the impact of adverse weather during the period.
CRH says that further profit growth and strong margin expansion was driven by positive pricing and cost management.
It adds that it has conducted significant portfolio activity in the year to date, with US$3.7bn invested in value-accretive mergers and acquisitions. CRH says the integration of a materials acquisition in Texas is progressing well, and the acquisition of a majority stake in Australian company Adbri completed on July 1.
CRH chief executive Albert Manifold commented: “We are pleased to report another period of further profit growth and margin expansion for CRH. The execution of our differentiated solutions strategy continues to deliver robust financial performance, while the strength of our balance sheet and relentless focus on the disciplined allocation of our capital enables us to capitalize on the opportunities we see for further growth and value creation.
“Reflecting the strength of our financial performance, the positive underlying momentum in our business as well as the positive contribution from recent portfolio activity, we are raising our guidance and remain well positioned to deliver another record year in 2024.”
