Full Year 2024 CRH PLC Earnings Call Transcript
Key Points
- CRH PLC (CRH) reported an industry-leading performance for 2024, with total full-year revenues of $35.6 billion, a 2% increase from the previous year.
- The company achieved an adjusted EBITDA of $6.9 billion, which is 12% higher than the prior year, along with a 180 basis points margin expansion.
- CRH PLC (CRH) completed 40 value-accretive acquisitions in 2024, investing $5 billion, which contributed to their growth and market leadership.
- The company maintained a strong balance sheet with a net debt to adjusted EBITDA ratio of 1.5 times, allowing for continued investment and shareholder returns.
- CRH PLC (CRH) declared a new quarterly dividend of $0.37 per share, representing an annualized increase of 6%, continuing their track record of over 40 consecutive years of dividend growth.
- The company faced challenging weather conditions in the United States, which impacted activity levels and operations in several regions.
- There was subdued demand in the new build residential segment, affecting the performance of CRH PLC (CRH)'s Americas Building Solutions business.
- The company anticipates mid-single-digit cost increases in 2025 due to inflationary pressures in labor, raw materials, and subcontractor costs.
- Currency exchange posed a headwind of $50 million due to a stronger US dollar relative to other currencies.
- CRH PLC (CRH) expects a more normal year for land or long-lived asset sales in 2025, which may not match the higher-than-normal sales seen in 2024.
Good day and welcome to the CRH 2024 full year results presentation. My name is Krista, and I will be your operator today. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)
At this time, I'd like to turn the conference over to Jim Mintern, CRH Chief Executive Officer, to begin the conference. Please go ahead, sir.
Good morning, everyone. Jim Mintern here, CEO of CRH. And you're all very welcome to our fourth quarter and full year 2024 results presentation and conference call. It's a great privilege for me to be here on my first earnings call as CEO, and I look forward to seeing many of you in the weeks and months ahead. Joining me on the call is Alan Connolly, our Interim CFO; Randy Lake, Chief Operating Officer; and Tom Holmes, Head of Investor Relations.
Before we get started, I'll hand over to Tom for some brief opening remarks.
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