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CRH reports improved earnings, margin, but outlook remains uncertain
StockMarketWire.com
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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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