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CRH PLC on Thursday celebrated growth in revenue and net income as it reaffirmed its guidance, and announced a higher dividend and new share buyback tranche. The Dublin-based building materials supplier said revenue grew 3.8% in the third quarter of the year to $10.52 billion from $10.13 billion a year ago. Net profit climbed 5.4% to $1.39 billion from $1.32 billion a year prior. Earnings per share picked up 9.9% to $1.99 from $1.81. CRH declared a quarterly dividend of 35 US cents per share, which it said was up 5% on an annualised level. CRH transitioned to quarterly dividends in the first quarter of 2024, after moving its primary listing to the US late last year. Further, CRH announced the start of an additional $300 million share buyback tranche to be completed by February 26. It added it just completed its latest $300 million tranche. Chief Executive Officer Albert Manifold said: ‘Our third quarter results represent another strong performance with further growth in sales, profits and margins. Despite contending with adverse weather in the quarter, our differentiated solutions strategy continues to deliver industry-leading performance, while the strength of our balance sheet combined with our disciplined approach to capital allocation leaves us well positioned to capitalize on the growth and value creation opportunities that lie ahead. ‘We are pleased to reaffirm our guidance midpoint for 2024 and looking ahead to 2025, we expect favourable underlying demand, positive pricing momentum and another year of progress for CRH.’ CRH expects net profit between $3.78 billion and $3.85 billion for 2024, up at least 23% from $3.07 billion in 2023. It expects adjusted earnings before interest, tax, depreciation and amortisation of between $6.87 billion and $6.97 billion, up at least 11% from $6.2 billion 2023. CRH shares rose 2.6% to 8,010.00 pence each on Thursday morning in London, giving it a market capitalisation of £56.97 billion. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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