|
Key Highlights |
|||
|
Summary Financials |
Q1 2024 |
Change |
|
|
Total revenues |
|
+2% |
|
|
Net income |
|
n/m1 |
|
|
Net income margin |
1.7% |
+220bps |
|
|
Adjusted EBITDA* |
|
+15% |
|
|
Adjusted EBITDA margin* |
6.8% |
+80bps |
|
|
EPS |
|
n/m1 |
|
|
|
"We are pleased to report a good first quarter performance in what is the seasonally least significant period for our business. That performance was supported by positive pricing momentum, early-season project activity, favorable weather in certain regions and the contribution from acquisitions. We believe the strength of our balance sheet together with our relentless focus on the efficient allocation of our capital enables us to capitalize on the opportunities we see for further growth and value creation in 2024 and beyond. Given this backdrop, we are pleased to reaffirm our previous guidance for 2024."
Announced
__________________________________ |
*Represents non-GAAP measure. See 'Non-GAAP Reconciliation and Supplementary Information' on pages 12 to 13. |
1 n/m - Not meaningful. |
Q1 2024 Results
Performance Overview
CRH delivered a solid start to the year as early-season project activity and favorable weather in certain regions of
- Americas Materials Solutions' total revenues were 16% ahead of Q1 2023, as early-season project activity and favorable weather in key markets supported activity along with price increases across all lines of business and good contributions from acquisitions. Adjusted EBITDA was well ahead in this seasonally small quarter, as pricing progress and operational efficiencies offset the impact of higher input costs.
-
Americas
Building Solutions delivered a positive performance with total revenues 2% ahead of Q1 2023, led by price improvements as well as contributions from acquisitions. Adjusted EBITDA was 2% ahead supported by pricing progress and operational efficiencies along with good performances from recent acquisitions. - Europe Materials Solutions' total revenues were 8% behind Q1 2023 as positive price momentum was offset by lower activity levels due to unfavorable winter weather and the divestiture of the Lime operations. Adjusted EBITDA was 32% ahead, driven by good commercial management and lower energy costs along with a continued focus on cost management and operational efficiencies.
-
Europe
Building Solutions' total revenues were 10% behind Q1 2023, as favorable pricing was offset by subdued demand in new-build residential markets as well as adverse winter weather conditions. Adjusted EBITDA was 38% behind as a result of lower activity levels, partially offset by cost saving actions.
CRH's earnings per share was higher than Q1 2023 at
Acquisitions and Divestitures
In the first three months of 2024, CRH completed eight acquisitions for a total consideration of
With respect to divestitures, CRH realized proceeds from divestitures and disposals of long-lived assets of
In
Capital Allocation
As previously announced, CRH has transitioned to quarterly dividend payments. In line with the Company's policy of consistent long-term dividend growth, the Board has declared a new quarterly dividend of
As part of its ongoing share buyback program, CRH repurchased approximately five million ordinary shares in Q1 2024 for a total consideration of
Innovation and Sustainability
We believe the transition to a more sustainable built environment represents a significant commercial opportunity for CRH. We continue to accelerate investment in innovation to deliver on our sustainable solutions strategy and address three global challenges of water, circularity and decarbonization. By continuing to meet the changing needs of our customers and society, we aim to drive further growth and value creation.
2024 Full Year Outlook
Notwithstanding the positive start to the year, it is still early in the construction season and we are pleased to reaffirm our previous guidance for 2024. Overall, we expect a favorable market backdrop and continued positive pricing momentum in 2024. Our operations in
2024 Guidance |
|
|
(in $ billions, except per share data) |
Low |
High |
Net income (i) |
3.55 |
3.80 |
Adjusted EBITDA* |
6.55 |
6.85 |
EPS (i) |
|
|
Capital expenditure |
2.2 |
2.4 |
|
|
|
(i) 2024 Net income and EPS are based on approximately |
Americas Materials Solutions
Analysis of Change |
|||||||
in $ millions |
Q1 2023 |
Currency |
Acquisitions |
Divestitures |
Organic |
Q1 2024 |
% change |
Total revenues |
1,895 |
— |
+69 |
— |
+238 |
2,202 |
+16% |
Adjusted EBITDA |
(35) |
— |
+25 |
— |
+25 |
15 |
n/m1 |
Adjusted EBITDA margin |
(1.8)% |
|
|
|
|
0.7% |
|
Americas Materials Solutions’ total revenues were 16% ahead of the first quarter of 2023 in a seasonally small quarter, driven primarily by price increases, higher volumes across all lines of business and a positive contribution from acquisitions, including the acquisition of cement and readymixed concrete assets in
In Essential Materials, total revenues increased by 12%. This reflects an 8% increase in aggregates pricing which was adversely impacted by geographic mix and a 9% increase in cement pricing. Aggregates volumes increased by 8% and cement volumes increased by 6%, due to favorable weather in the West and
In Road Solutions, total revenues increased by 19% driven by higher pricing and increased activity levels through continued funding support relating to the
First quarter 2024 Adjusted EBITDA for Americas Materials Solutions of
Americas
Analysis of Change |
|||||||
in $ millions |
Q1 2023 |
Currency |
Acquisitions |
Divestitures |
Organic |
Q1 2024 |
% change |
Total revenues |
1,661 |
— |
+38 |
— |
(6) |
1,693 |
+2% |
Adjusted EBITDA |
301 |
— |
+5 |
— |
+2 |
308 |
+2% |
Adjusted EBITDA margin |
18.1% |
|
|
|
|
18.2% |
|
Americas
In Building & Infrastructure Solutions, total revenues declined by 4% due to unfavorable weather in certain markets as well as the impact of subdued residential demand which negatively impacted activity levels. The non-residential and infrastructure construction backdrop remains supported through increased funding for critical water, energy and telecommunications infrastructure.
In Outdoor Living Solutions, total revenues increased by 5%, with growth across most regions, driven by strong sales into the retail channel, particularly in lawn and garden products, along with increased demand in the professional business channel.
First quarter 2024 Adjusted EBITDA for Americas
Europe Materials Solutions
Analysis of Change |
|||||||
in $ millions |
Q1 2023 |
Currency |
Acquisitions |
Divestitures |
Organic |
Q1 2024 |
% change |
Total revenues |
2,178 |
+40 |
+26 |
(117) |
(114) |
2,013 |
(8)% |
Adjusted EBITDA |
68 |
+1 |
+4 |
(24) |
41 |
90 |
+32% |
Adjusted EBITDA margin |
3.1% |
|
|
|
|
4.5% |
|
Total revenues in Europe Materials Solutions declined by 8%, or 5% on an organic* basis, driven by lower volumes across
In Essential Materials, total revenues were 10% behind the comparable period in 2023 due to the completed divestiture of phases one and two of our European Lime operations and lower volumes. Aggregates pricing was 3% ahead and overall cement pricing, which was adversely impacted by geographic mix, was in line with the first quarter of 2023, or 2% ahead excluding
In Road Solutions, pricing progress was offset by reduced volumes due to adverse weather which resulted in total revenues being 5% behind the 2023 comparable period. Asphalt pricing increased by 1%, while volumes declined by 9%. Paving and construction revenues decreased by 3%. Readymixed concrete pricing was in line with the first quarter of 2023, while volumes decreased by 13%.
Adjusted EBITDA in Europe Materials Solutions was
Europe
Analysis of Change |
|||||||
in $ millions |
Q1 2023 |
Currency |
Acquisitions |
Divestitures |
Organic |
Q1 2024 |
% change |
Total revenues |
693 |
+6 |
+7 |
— |
(81) |
625 |
(10)% |
Adjusted EBITDA |
52 |
— |
+1 |
— |
(21) |
32 |
(38)% |
Adjusted EBITDA margin |
7.5% |
|
|
|
|
5.1% |
|
Total revenues in Europe
Within Building & Infrastructure Solutions, total revenues declined by 12% compared with the first quarter of 2023. Infrastructure Products revenues increased, benefiting from acquisitions offsetting lower activity levels and project delays in key markets. Revenues in Precast and Construction Accessories were negatively impacted by adverse weather conditions and muted new-build residential activity in several markets.
Revenues in Outdoor Living Solutions were 2% ahead of the comparable period in 2023 through pricing increases, however volumes were impacted by prolonged winter weather in certain key markets.
Adjusted EBITDA in Europe
Other Financial Items
Depreciation, depletion and amortization charges of
Interest income of
Other nonoperating income, net was
Earnings per share was higher than Q1 2023 at
Balance Sheet and Liquidity
Total short and long-term debt was
CRH ended Q1 2024 with
Q1 2024 Conference Call
CRH will host an analysts’ conference call and webcast presentation at
Dividend Timetable
The timetable for payment of the quarterly dividend of
Ex-dividend Date: |
|
Record Date: |
|
Payment Date: |
|
The default payment currency is
The default payment currency for shareholders holding their Ordinary Shares in the form of Depository Interests is euro. Such shareholders can elect to receive the dividend in
Appendices
Appendix 1 - Primary Statements
The following financial statements are an extract of the Company’s Consolidated Financial Statements prepared in accordance with
Condensed Consolidated Statements of Income (Unaudited)
(in $ millions, except share and per share data)
|
Three months ended |
|
|
|
|
|
2024 |
2023 |
Product revenues |
5,368 |
5,338 |
Service revenues |
1,165 |
1,089 |
Total revenues |
6,533 |
6,427 |
Cost of product revenues |
(3,577) |
(3,744) |
Cost of service revenues |
(1,149) |
(1,064) |
Total cost of revenues |
(4,726) |
(4,808) |
Gross profit |
1,807 |
1,619 |
Selling, general and administrative expenses |
(1,787) |
(1,622) |
Gain on disposal of long-lived assets |
8 |
5 |
Operating income |
28 |
2 |
Interest income |
43 |
40 |
Interest expense |
(133) |
(81) |
Other nonoperating income, net |
161 |
– |
Income (loss) from operations before income tax expense and income from equity method investments |
99 |
(39) |
Income tax benefit |
19 |
14 |
Loss from equity method investments |
(4) |
(6) |
Net income (loss) |
114 |
(31) |
|
|
|
Net (income) attributable to redeemable noncontrolling interests |
(2) |
(2) |
Net loss attributable to noncontrolling interests |
4 |
5 |
Net income (loss) attributable to |
116 |
(28) |
|
|
|
Earnings (loss) per share attributable to |
|
|
Basic |
|
( |
Diluted |
|
( |
|
|
|
Weighted average common shares outstanding |
|
|
Basic |
687.8 |
742.9 |
Diluted |
693.4 |
742.9 |
Condensed Consolidated Balance Sheets (Unaudited)
(in $ millions, except share data)
|
|
|
|
|
2024 |
2023 |
2023 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
3,308 |
6,341 |
4,650 |
Accounts receivable, net |
4,798 |
4,507 |
4,706 |
Inventories |
4,619 |
4,291 |
4,458 |
Assets held for sale |
236 |
1,268 |
– |
Other current assets |
748 |
478 |
416 |
Total current assets |
13,709 |
16,885 |
14,230 |
Property, plant and equipment, net |
18,878 |
17,841 |
17,997 |
Equity method investments |
609 |
620 |
655 |
|
10,125 |
9,158 |
9,308 |
Intangible assets, net |
1,093 |
1,041 |
1,094 |
Operating lease right-of-use assets, net |
1,285 |
1,292 |
1,192 |
Other noncurrent assets |
634 |
632 |
631 |
Total assets |
46,333 |
47,469 |
45,107 |
|
|
|
|
Liabilities, redeemable noncontrolling interests and shareholders’ equity |
|
||
Current liabilities: |
|
|
|
Accounts payable |
2,730 |
3,149 |
2,627 |
Accrued expenses |
2,241 |
2,296 |
2,079 |
Current portion of long-term debt |
2,992 |
1,866 |
2,251 |
Operating lease liabilities |
255 |
255 |
235 |
Liabilities held for sale |
44 |
375 |
– |
Other current liabilities |
1,735 |
2,072 |
2,063 |
Total current liabilities |
9,997 |
10,013 |
9,255 |
Long-term debt |
9,680 |
9,776 |
7,583 |
Deferred income tax liabilities |
2,684 |
2,738 |
2,972 |
Noncurrent operating lease liabilities |
1,120 |
1,125 |
1,021 |
Other noncurrent liabilities |
2,110 |
2,196 |
2,132 |
Total liabilities |
25,591 |
25,848 |
22,963 |
Commitments and contingencies |
|
|
|
Redeemable noncontrolling interests |
326 |
333 |
307 |
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 |
1 |
1 |
1 |
Common stock, €0.32 par value, 1,250,000,000 shares authorized; 729,477,337, 734,519,598 and 752,140,338 issued and outstanding, as of |
294 |
296 |
302 |
|
(2,166) |
(2,199) |
(487) |
Additional paid-in capital |
337 |
454 |
420 |
Accumulated other comprehensive loss |
(797) |
(616) |
(673) |
Retained earnings |
22,346 |
22,918 |
21,692 |
Total shareholders’ equity attributable to |
20,015 |
20,854 |
21,255 |
Noncontrolling interests |
401 |
434 |
582 |
Total equity |
20,416 |
21,288 |
21,837 |
Total liabilities, redeemable noncontrolling interests and equity |
46,333 |
47,469 |
45,107 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in $ millions)
|
Three months ended |
|
|
|
|
|
2024 |
2023 |
Cash Flows from Operating Activities: |
|
|
Net income (loss) |
114 |
(31) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Depreciation, depletion and amortization |
397 |
384 |
Share-based compensation |
30 |
31 |
Gains on disposals from businesses and long-lived assets, net |
(123) |
(5) |
Deferred tax (benefit) expense |
(36) |
49 |
Loss from equity method investments |
4 |
6 |
Pension and other postretirement benefits net periodic benefit cost |
9 |
8 |
Non-cash operating lease costs |
75 |
69 |
Other items, net |
(25) |
(3) |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: |
|
|
Accounts receivable, net |
(326) |
(356) |
Inventories |
(270) |
(217) |
Accounts payable |
(396) |
(339) |
Operating lease liabilities |
(75) |
(70) |
Other assets |
(77) |
(21) |
Other liabilities |
1 |
(164) |
Pension and other postretirement benefits contributions |
(14) |
(12) |
Net cash used in operating activities |
(712) |
(671) |
|
|
|
Cash Flows from Investing Activities: |
|
|
Purchases of property, plant and equipment |
(506) |
(332) |
Acquisitions, net of cash acquired |
(2,206) |
(155) |
Proceeds from divestitures and disposals of long-lived assets |
739 |
6 |
Dividends received from equity method investments |
6 |
8 |
Settlements of derivatives |
(13) |
(2) |
Other investing activities, net |
(116) |
(17) |
Net cash used in investing activities |
(2,096) |
(492) |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in $ millions)
|
Three months ended |
|
|
|
|
|
2024 |
2023 |
Cash Flows from Financing Activities: |
|
|
Proceeds from debt issuances |
1,818 |
71 |
Payments on debt |
(651) |
– |
Settlements of derivatives |
(1) |
6 |
Payments of finance lease obligations |
(9) |
(6) |
Deferred and contingent acquisition consideration paid |
(7) |
(4) |
Dividends paid |
(750) |
– |
Distributions to noncontrolling and redeemable noncontrolling interests |
(17) |
(13) |
Repurchases of common stock |
(559) |
(246) |
Proceeds from exercise of stock options |
– |
1 |
Net cash used in financing activities |
(176) |
(191) |
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
(97) |
68 |
Decrease in cash and cash equivalents |
(3,081) |
(1,286) |
Cash and cash equivalents at the beginning of period |
6,390 |
5,936 |
Cash and cash equivalents at the end of period |
3,309 |
4,650 |
|
|
|
Supplemental cash flow information: |
|
|
Cash paid for interest (including finance leases) |
45 |
54 |
Cash paid for income taxes |
159 |
104 |
|
|
|
Reconciliation of cash and cash equivalents |
|
|
Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets |
3,308 |
4,650 |
Cash and cash equivalents included in assets held for sale |
1 |
– |
Total cash and cash equivalents presented in the Condensed Consolidated Statements of Cash Flows |
3,309 |
4,650 |
|
|
|
Appendix 2 - Non-GAAP Reconciliation and Supplementary Information
CRH uses a number of non-GAAP performance measures to monitor financial performance. These measures are referred to throughout the discussion of our reported financial position and operating performance on a continuing operations basis unless otherwise defined and are measures which are regularly reviewed by CRH management. These performance measures may not be uniformly defined by all companies and accordingly may not be directly comparable with similarly titled measures and disclosures by other companies.
Certain information presented is derived from amounts calculated in accordance with
Adjusted EBITDA: Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, depletion, amortization, loss on impairments, gain/loss on divestitures and unrealized gain/loss on investments, 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. Adjusted EBITDA margin is calculated by expressing Adjusted EBITDA as a percentage of total revenues.
Reconciliation to its nearest GAAP measure is presented below:
|
Three months ended |
|
|
|
|
in $ millions |
2024 |
2023 |
Net income (loss) |
114 |
(31) |
Loss from equity method investments |
4 |
6 |
Income tax benefit |
(19) |
(14) |
Gain on divestitures and unrealized gains on investments (i) |
(160) |
– |
Pension income excluding current service cost component (i) |
(1) |
– |
Interest expense |
133 |
81 |
Interest income |
(43) |
(40) |
Depreciation, depletion and amortization |
397 |
384 |
Substantial acquisition-related costs (ii) |
20 |
– |
Adjusted EBITDA |
445 |
386 |
|
|
|
Total revenues |
6,533 |
6,427 |
Net income (loss) margin |
1.7% |
(0.5)% |
Adjusted EBITDA margin |
6.8% |
6.0% |
|
|
|
(i) Gain on divestitures and unrealized gains on investments and pension income excluding current service cost component have been included in Other nonoperating income, net in the Condensed Consolidated Statements of Income. |
||
(ii) Represents expenses associated with non-routine substantial acquisitions, which are not bolt-on in nature and are separately reported in Note 4 “Acquisitions” of the unaudited financial statements in the Quarterly Report on Form 10-Q. Expenses in the first quarter of 2024 include legal and consulting expenses related to the acquisition of the portfolio of cement and readymixed concrete assets and operations in |
Adjusted EBITDA is not defined by GAAP and should not be considered as an alternative to earnings measures defined by GAAP. Reconciliation to its nearest GAAP measure for the mid-point of the 2024 Adjusted EBITDA guidance is presented below:
in $ billions |
2024
|
Net income |
3.7 |
Income tax expense |
1.1 |
Interest expense, net |
0.4 |
Depreciation, depletion, amortization and impairment |
1.7 |
Other (i) |
(0.2) |
Adjusted EBITDA |
6.7 |
(i) Other primarily relates to loss (income) from equity method investments and loss (gain) on divestitures and unrealized loss (gain) on investments. |
Net Debt: Net Debt is used by management as it gives additional insight into the Company’s current debt position less available cash. Net Debt is provided to enable investors to see the economic effect of gross debt, related hedges and cash and cash equivalents in total. Net Debt comprises short and long-term debt, finance lease liabilities, cash and cash equivalents and current and noncurrent derivative financial instruments (net).
Reconciliation to its nearest GAAP measure is presented below:
|
|
|
|
in $ millions |
2024 |
2023 |
2023 |
Short and long-term debt |
(12,672) |
(11,642) |
(9,834) |
Cash and cash equivalents (i) |
3,309 |
6,390 |
4,650 |
Finance lease liabilities |
(145) |
(117) |
(85) |
Derivative financial instruments (net) |
(92) |
(37) |
(32) |
Net Debt |
(9,600) |
(5,406) |
(5,301) |
(i) Cash and cash equivalents at |
Organic Revenue and Organic Adjusted EBITDA: Because of the impact of acquisitions, divestitures, currency exchange translation and other non-recurring items on reported results each reporting period, CRH uses organic revenue and organic Adjusted EBITDA as additional performance indicators to assess performance of pre-existing (also referred to as underlying, heritage, like-for-like or ongoing) operations each reporting period.
Organic revenue and organic Adjusted EBITDA are arrived at by excluding the incremental revenue and Adjusted EBITDA contributions from current and prior year acquisitions and divestitures, the impact of exchange translation, and the impact of any one-off items. Changes in organic revenue and organic Adjusted EBITDA are presented as additional measures of revenue and Adjusted EBITDA to provide a greater understanding of the performance of the Company. Organic change % is calculated by expressing the organic movement as a percentage of the prior year reporting period (adjusted for currency exchange effects). A reconciliation of the changes in organic revenue and organic Adjusted EBITDA to the changes in total revenues and Adjusted EBITDA by segment, is presented with the discussion within each segment’s performance in tables contained in the segment discussion commencing on page 4.
Earnings Per Share (EPS): The calculation of basic earnings per share is as follows:
|
Three months ended |
|
|
|
|
|
2024 |
2023 |
Numerator |
|
|
Net income (loss) |
114 |
(31) |
Net (income) attributable to redeemable noncontrolling interests |
(2) |
(2) |
Net loss attributable to noncontrolling interests |
4 |
5 |
Adjustment of redeemable noncontrolling interests to redemption value |
(4) |
(10) |
Net income (loss) attributable to |
112 |
(38) |
|
|
|
Denominator |
|
|
Weighted average common shares outstanding – basic (i) |
687.8 |
742.9 |
|
|
|
Earnings (loss) per share attributable to |
|
|
Basic |
|
|
|
||
(i) The weighted average number of common shares included in the computation of basic 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. |
Appendix 3 - Disclaimer/Forward-Looking Statements
In order to utilize the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, CRH is providing the following cautionary statement.
This document contains statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations, business, viability and future performance of CRH and certain of the plans and objectives of CRH. These forward-looking statements may generally, but not always, be identified by the use of words such as “will”, “anticipates”, “should”, “could”, “would”, “targets”, “aims”, “may”, “continues”, “expects”, “is expected to”, “estimates”, “believes”, “intends” or similar expressions. These forward-looking statements include all matters that are not historical facts or matters of fact at the date of this document.
In particular, the following, among other statements, are all forward looking in nature: plans and expectations regarding customer demand; pricing, costs, trends in residential and non-residential markets; macroeconomic and other market trends in regions where CRH operates, and investments in innovation and sustainability; plans and expectations regarding acquisitions, including the proposed acquisition of a majority stake in Adbri, and resulting synergies and growth opportunities; plans and expectations regarding return of cash to shareholders, including the timing and amount of share buybacks and dividends; and plans and expectations regarding CRH’s 2024 full year performance, including net income, Adjusted EBITDA, earnings per share and capital expenditure.
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future and reflect the Company’s current expectations and assumptions as to such future events and circumstances that may not prove accurate. You are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this document. The Company expressly disclaims any obligation or undertaking to publicly update or revise these forward-looking statements other than as required by applicable law.
A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, certain of which are beyond our control, and which include, among other factors: economic and financial conditions, including changes in interest rates, inflation, price volatility and/or labor and materials shortages; demand for infrastructure, residential and non-residential construction and our products in geographic markets in which we operate; increased competition and its impact on prices and market position; increases in energy, labor and/or other raw materials costs; adverse changes to laws and regulations, including in relation to climate change; the impact of unfavorable weather; investor and/or consumer sentiment regarding the importance of sustainable practices and products; availability of public sector funding for infrastructure programs; political uncertainty, including as a result of political and social conditions in the jurisdictions CRH operates in, or adverse political developments, including the ongoing geopolitical conflicts in
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Contact CRH at +353 1 404 1000
Source: