CRH plc, a leading provider of building materials solutions,
today provides quarterly information under U.S. GAAP for the
financial year ended December 31, 2023.
Quarterly financial information is now available at Appendix 1
and at www.crh.com.
About CRH
CRH (NYSE: CRH, LSE: CRH) is a leading provider of building
materials solutions that build, connect and improve our world.
Employing approximately 78,500 people at approximately 3,390
operating locations in 29 countries, CRH has market leadership
positions in both North America and Europe. As the essential
partner for transportation and critical utility infrastructure
projects, complex non-residential construction and outdoor living
solutions, CRH’s unique offering of materials, products and
value-added services helps to deliver a more resilient and
sustainable built environment. The company is ranked among sector
leaders by Environmental, Social and Governance (ESG) rating
agencies. A Fortune 500 company, CRH’s shares are listed on the
NYSE and LSE.
Registered Office: No 12965. Registered Office:
42 Fitzwilliam Square, Dublin 2, D02 R279, Ireland
Appendix 1 - Quarterly Financial Information
The following financial information represents a quarterly
breakdown of the Company’s Consolidated Financial Statements
prepared in accordance with U.S. GAAP for the year ended December
31, 2023. The full audited Consolidated Financial Statements
prepared in accordance with U.S. GAAP for the year ended December
31, 2023, including notes thereto, are included as a part of the
Company’s Annual Report on Form 10-K filed with the U.S. Securities
and Exchange Commission (SEC).
Consolidated Statements of
Income
(In $ millions, except share and per share
data)
Unaudited, for the three
months ended
Audited, for the
year ended
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
December 31,
2023
Product revenues
5,338
7,431
7,157
6,230
26,156
Service revenues
1,089
2,278
2,971
2,455
8,793
Total revenues
6,427
9,709
10,128
8,685
34,949
Cost of product revenues
(3,744)
(3,932)
(3,609)
(3,456)
(14,741)
Cost of service revenues
(1,064)
(2,147)
(2,756)
(2,278)
(8,245)
Total cost of revenues
(4,808)
(6,079)
(6,365)
(5,734)
(22,986)
Gross profit
1,619
3,630
3,763
2,951
11,963
Selling, general and administrative
expenses
(1,622)
(2,035)
(1,990)
(1,839)
(7,486)
Gain on disposal of long-lived assets
5
18
15
28
66
Loss on impairments
–
–
–
(357)
(357)
Operating income
2
1,613
1,788
783
4,186
Interest income
40
36
62
68
206
Interest expense
(81)
(73)
(131)
(91)
(376)
Other nonoperating income (expense),
net
–
2
1
(5)
(2)
(Loss) income before income tax expense
and income from equity method investments
(39)
1,578
1,720
755
4,014
Income tax benefit (expense)
14
(379)
(416)
(144)
(925)
(Loss) income from equity method
investments
(6)
13
14
(38)
(17)
Net (loss) income
(31)
1,212
1,318
573
3,072
Net (income) attributable to redeemable
noncontrolling interests
(2)
(10)
(9)
(7)
(28)
Net loss (income) attributable to
noncontrolling interests
5
(3)
(3)
135
134
Net (loss) income attributable to CRH
plc
(28)
1,199
1,306
701
3,178
(Loss) earnings per share attributable
to CRH plc
Basic
($0.05)
$1.63
$1.81
$0.99
$4.36
Diluted
($0.05)
$1.62
$1.80
$0.99
$4.33
Weighted average common shares
outstanding
Basic
742.9
734.7
718.2
700.5
723.9
Diluted
742.9
738.2
722.1
705.3
729.2
Consolidated Balance Sheets
(In $ millions, except share data)
Unaudited, as at
Audited, as at
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
4,650
4,275
5,722
6,341
Accounts receivable, net
4,706
6,119
5,972
4,507
Inventories
4,458
4,276
4,191
4,291
Assets held for sale
–
–
–
1,268
Other current assets
416
404
430
478
Total current assets
14,230
15,074
16,315
16,885
Property, plant and equipment, net
17,997
18,155
18,103
17,841
Equity method investments
655
672
665
620
Goodwill
9,308
9,338
9,545
9,158
Intangible assets, net
1,094
1,061
1,074
1,041
Operating lease right-of-use assets,
net
1,192
1,187
1,237
1,292
Other noncurrent assets
631
655
692
632
Total assets
45,107
46,142
47,631
47,469
Liabilities, redeemable noncontrolling
interests and shareholders’ equity
Current liabilities:
Accounts payable
2,627
3,553
2,954
3,149
Accrued expenses
2,079
2,335
2,457
2,296
Current portion of long-term debt
2,251
2,185
1,860
1,866
Operating lease liabilities
235
240
245
255
Liabilities held for sale
–
–
–
375
Other current liabilities
2,063
1,358
1,675
2,072
Total current liabilities
9,255
9,671
9,191
10,013
Long-term debt
7,583
7,563
9,535
9,776
Deferred income tax liabilities
2,972
3,010
3,050
2,738
Noncurrent operating lease liabilities
1,021
1,016
1,065
1,125
Other noncurrent liabilities
2,132
2,173
2,142
2,196
Total liabilities
22,963
23,433
24,983
25,848
Commitments and contingencies
Redeemable noncontrolling interests
307
313
320
333
Shareholders’ equity
Preferred stock, €1.27 par value, 150,000
shares authorized and 50,000 shares issued and outstanding for 5%
preferred stock and 872,000 shares authorized, issued and
outstanding for 7% 'A' preferred stock, as of March 31, June 30,
September 30 and December 31, 2023
1
1
1
1
Common stock, €0.32 par value,
1,250,000,000 shares authorized, as of March 31, June 30, September
30 and December 31, 2023; 752,140,338 shares issued and
outstanding, as of March 31 and June 30 and 750,725,468 and
734,519,598 shares issued and outstanding, as of September 30 and
December 31, 2023, respectively
302
302
302
296
Treasury stock, at cost (11,596,581,
24,158,408, 41,554,960 and 42,419,281 shares as of March 31, June
30, September 30 and December 31, 2023, respectively)
(487)
(1,140)
(2,132)
(2,199)
Additional paid-in capital
420
391
423
454
Accumulated other comprehensive loss
(673)
(625)
(763)
(616)
Retained earnings
21,692
22,892
23,936
22,918
Total shareholders’ equity attributable
to CRH plc shareholders
21,255
21,821
21,767
20,854
Noncontrolling interests
582
575
561
434
Total equity
21,837
22,396
22,328
21,288
Total liabilities, redeemable
noncontrolling interests and equity
45,107
46,142
47,631
47,469
Consolidated Statements of Cash
Flows
(In $ millions)
Unaudited
Audited
Three months ended
March 31,
2023
Six months
ended
June 30,
2023
Nine months ended
September 30,
2023
Year ended
December 31,
2023
Cash Flows from Operating
Activities:
Net (loss) income
(31)
1,181
2,499
3,072
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and
amortization
384
785
1,187
1,633
Loss on impairments
–
–
–
357
Share-based compensation
31
60
92
123
Gains on disposals from long-lived assets,
net
(5)
(23)
(38)
(66)
Deferred tax expense (benefit)
49
95
108
(64)
Loss (income) from equity method
investments
6
(7)
(21)
17
Pension and other postretirement benefits
net periodic benefit cost
8
14
22
31
Non-cash operating lease costs
69
138
212
293
Other items, net
(3)
35
33
68
Changes in operating assets and
liabilities, net of effects of acquisitions and divestitures:
Accounts receivable, net
(356)
(1,758)
(1,643)
(164)
Inventories
(217)
(22)
62
(60)
Accounts payable
(339)
558
(30)
144
Operating lease liabilities
(70)
(137)
(204)
(276)
Other assets
(21)
(2)
(5)
25
Other liabilities
(164)
69
354
(72)
Pension and other postretirement benefits
contributions
(12)
(23)
(34)
(44)
Net cash (used in) provided by
operating activities
(671)
963
2,594
5,017
Cash Flows from Investing
Activities:
Purchases of property, plant and
equipment
(332)
(771)
(1,175)
(1,817)
Acquisitions, net of cash acquired
(155)
(198)
(561)
(640)
Proceeds from divestitures and disposals
of long-lived assets
6
42
64
104
Dividends received from equity method
investments
8
12
23
44
Settlements of derivatives
(2)
7
3
(1)
Deferred divestiture consideration
received
–
–
5
6
Other investing activities, net
(17)
(62)
(88)
(87)
Net cash used in investing
activities
(492)
(970)
(1,729)
(2,391)
Consolidated Statements of Cash
Flows
(In $ millions)
Unaudited
Audited
Three months ended
March 31,
2023
Six months
ended
June 30,
2023
Nine months ended
September 30,
2023
Year ended
December 31,
2023
Cash Flows from Financing
Activities:
Proceeds from debt issuances
71
855
2,687
3,163
Payments on debt
–
(849)
(940)
(1,462)
Settlements of derivatives
6
4
5
7
Payments of finance lease obligations
(6)
(12)
(18)
(26)
Deferred and contingent acquisition
consideration paid
(4)
(4)
(8)
(22)
Dividends paid
–
(761)
(761)
(940)
Distributions to noncontrolling and
redeemable noncontrolling interests
(13)
(23)
(35)
(35)
Transactions involving noncontrolling
interests
–
–
–
(2)
Repurchases of common stock
(246)
(959)
(2,031)
(3,067)
Proceeds from exercise of stock
options
1
3
4
4
Net cash used in financing
activities
(191)
(1,746)
(1,097)
(2,380)
Effect of exchange rate changes on cash
and cash equivalents
68
92
18
208
(Decrease) increase in cash and cash
equivalents
(1,286)
(1,661)
(214)
454
Cash and cash equivalents at the beginning
of period
5,936
5,936
5,936
5,936
Cash and cash equivalents at the end of
period
4,650
4,275
5,722
6,390
Supplemental cash flow
information:
Cash paid for interest (including finance
leases)
54
201
244
418
Cash paid for income taxes
104
277
620
959
Reconciliation of cash and cash
equivalents
Cash and cash equivalents presented in the
Consolidated Balance Sheets
4,650
4,275
5,722
6,341
Cash and cash equivalents included in
assets held for sale
–
–
–
49
Total cash and cash equivalents
presented on the Consolidated Statements of Cash Flows
4,650
4,275
5,722
6,390
Segment Information
(In $ millions)
Unaudited, for the three
months ended
Audited, for the
year ended
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
December 31,
2023
Revenues
Americas Materials Solutions
1,895
4,164
5,080
4,296
15,435
Americas Building Solutions
1,661
2,148
1,738
1,470
7,017
Europe Materials Solutions
2,178
2,614
2,617
2,281
9,690
Europe Building Solutions
693
783
693
638
2,807
Total revenues
6,427
9,709
10,128
8,685
34,949
Adjusted EBITDA*
Americas Materials Solutions
(35)
935
1,284
875
3,059
Americas Building Solutions
301
474
391
276
1,442
Europe Materials Solutions
68
515
446
366
1,395
Europe Building Solutions
52
90
69
69
280
Total Adjusted EBITDA*
386
2,014
2,190
1,586
6,176
Depreciation, depletion and
amortization
Americas Materials Solutions
186
195
195
205
781
Americas Building Solutions
75
73
73
78
299
Europe Materials Solutions
101
111
112
140
464
Europe Building Solutions
22
22
22
23
89
Total depreciation, depletion and
amortization
384
401
402
446
1,633
For the three months
ended
For the year
ended
Non-GAAP reconciliation
(unaudited)
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
December 31,
2023
Net (loss) income
(31)
1,212
1,318
573
3,072
Loss (income) from equity method
investments
6
(13)
(14)
38
17
Income tax (benefit) expense
(14)
379
416
144
925
Pension income excluding current service
cost component (i)
–
(2)
(1)
–
(3)
Other interest, net (i)
–
–
–
5
5
Interest expense
81
73
131
91
376
Interest income
(40)
(36)
(62)
(68)
(206)
Depreciation, depletion and
amortization
384
401
402
446
1,633
Loss on impairments (ii)
–
–
–
357
357
Adjusted EBITDA*
386
2,014
2,190
1,586
6,176
(i) Pension income excluding current
service cost component and other interest, net have been included
in Other nonoperating income (expense), net in the Consolidated
Statements of Income.
(ii) For the year ended December 31, 2023,
the total loss on impairments comprised of $62 million within
Americas Materials Solutions and $295 million within Europe
Materials Solutions.
*Adjusted EBITDA is defined as earnings
from continuing operations before interest, taxes, depreciation,
depletion, amortization, loss on impairments, gain/loss on
divestitures, income/loss from equity method investments,
substantial acquisition-related costs and pension expense/income
excluding current service cost component. It is quoted by
management in conjunction with other GAAP and non-GAAP financial
measures to aid investors in their analysis of the performance of
the Company. Adjusted EBITDA by segment is monitored by management
in order to allocate resources between segments and to assess
performance. Reconciliation to its nearest GAAP measure is
presented above.
Earnings Per Share (EPS)
(In $ millions, except share and per share
data)
Unaudited, for the three
months ended
Audited, for the
year ended
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
December 31,
2023
Numerator
Net (loss) income
(31)
1,212
1,318
573
3,072
Net (income) attributable to redeemable
noncontrolling interests
(2)
(10)
(9)
(7)
(28)
Net loss (income) attributable to
noncontrolling interests
5
(3)
(3)
135
134
Adjustment of redeemable noncontrolling
interests to redemption value
(10)
(2)
(6)
(6)
(24)
Net (loss) income attributable to CRH
plc for EPS - basic and diluted
(38)
1,197
1,300
695
3,154
Denominator
Weighted average common shares outstanding
– Basic (i)
742.9
734.7
718.2
700.5
723.9
Effect of dilutive employee share awards
(ii)
-
3.5
3.9
4.8
5.3
Weighted average common shares
outstanding – Diluted
742.9
738.2
722.1
705.3
729.2
(Loss) earnings per share attributable
to CRH plc
Basic
($0.05)
$1.63
$1.81
$0.99
$4.36
Diluted
($0.05)
$1.62
$1.80
$0.99
$4.33
(i) The weighted average number of common
shares included in the computation of basic and diluted earnings
per share has been adjusted to exclude shares repurchased and held
by the Company as Treasury Stock given that these shares do not
rank for dividend.
(ii) Common shares that would only be
issued contingent on certain conditions totaling 6,928,751,
5,700,540, 5,336,581 and 4,677,404 at March 31, June 30, September
30 and December 31, 2023, respectively, are excluded from the
computation of diluted earnings per share where the conditions
governing exercisability have not been satisfied as of the end of
the reporting period or they are antidilutive for the periods
presented. In periods of loss, shares that otherwise would have
been included in our diluted weighted average common shares
outstanding computation have been excluded.
Appendix 2 - Disclaimer
The financial information presented in this document does not
constitute statutory financial statements for the purposes of
Chapter 4 of Part 6 of the Companies Act 2014. The Company’s
statutory financial statements for the year ended December 31, 2023
prepared in accordance with IFRS, upon which the auditors expressed
an unqualified opinion, were published on March 15, 2024 and are
expected to be delivered to the Registrar of Companies of Ireland
within 56 days of the annual return date in 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240411186316/en/
Contact CRH at +353 1 404 1000 Albert Manifold, Chief
Executive Jim Mintern, Chief Financial Officer Frank Heisterkamp,
Director of Capital Markets & ESG Tom Holmes, Head of Investor
Relations
CRH (NYSE:CRH)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
CRH (NYSE:CRH)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024