Key Highlights |
||||
Summary Financials |
Q2 2024 |
Change |
H1 2024 |
Change |
Total revenues |
|
-1% |
|
— |
Net income |
|
+8% |
|
+20% |
Net income margin |
13.6% |
+110bps |
8.8% |
+150bps |
Adjusted EBITDA* |
|
+12% |
|
+13% |
Adjusted EBITDA margin* |
23.4% |
+270bps |
16.7% |
+180bps |
EPS |
|
+16% |
|
+31% |
|
|
|
|
|
|
“ We are pleased to report another period of further profit growth and margin expansion for CRH. The execution of our differentiated solutions strategy continues to deliver robust financial performance, while the strength of our balance sheet and relentless focus on the disciplined allocation of our capital enables us to capitalize on the opportunities we see for further growth and value creation. Reflecting the strength of our financial performance, the positive underlying momentum in our business as well as the positive contribution from recent portfolio activity, we are raising our guidance and remain well positioned to deliver another record year in 2024.”
Announced
______________________________ | |
* |
Represents non-GAAP measure. See 'Non-GAAP Reconciliation and Supplementary Information' on pages 12 to 13. |
Q2 2024 Results
Performance Overview
Total revenues of
- Americas Materials Solutions' total revenues were 6% ahead of Q2 2023, as pricing progress across all lines of business and contributions from recent acquisitions offset the impact of lower activity in certain markets due to unfavorable weather. Adjusted EBITDA was well ahead supported by pricing improvements, operational efficiencies and cost control along with gains on the disposal of certain land assets.
-
Americas
Building Solutions' total revenues were 1% behind Q2 2023 as challenging weather and subdued new-build residential demand were partially offset by contributions from acquisitions. Adjusted EBITDA was in line with the prior year supported by continued pricing discipline and operational efficiencies along with the positive contribution from acquisitions.
- Europe Materials Solutions' total revenues were 8% behind Q2 2023 as activity levels were impacted by the divestiture of the European Lime operations, poor weather and subdued demand in certain markets. Adjusted EBITDA was 3% behind, with organic Adjusted EBITDA* 2% ahead as a continued focus on cost management and operational efficiencies as well as good commercial management offset lower activity levels.
-
Europe
Building Solutions' total revenues were 7% behind Q2 2023, impacted by subdued demand in new-build residential markets. Adjusted EBITDA was 3% behind as a result of lower activity levels, partially offset by cost saving actions.
Acquisitions and Divestitures
In the three months ended
Overall, for the six months ended
On
With respect to divestitures, in the three months ended
For the six months ended
Capital Allocation
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 four million shares in Q2 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. Our strategy transforms essential materials into value-added and innovative solutions to address three global challenges of water, circularity and decarbonization. We continue to enhance our capabilities through investment in innovative technologies and acquisitions that enable us to capture further value and accelerate growth across CRH. For example, in our water solutions business we continue to build on our recent acquisition of
2024 Full Year Outlook
We are pleased to announce that we are raising our previous guidance for 2024, reflecting the strength of our financial performance, the positive underlying momentum in our business as well as the positive contribution from recent portfolio activity.
Our operations in
2024 Guidance |
Updated Guidance (i) |
Previous Guidance (ii) |
||
(in $ billions, except per share data) |
Low |
High |
Low |
High |
Net income |
3.70 |
3.85 |
3.55 |
3.80 |
Adjusted EBITDA* |
6.82 |
7.02 |
6.55 |
6.85 |
EPS |
|
|
|
|
Capital expenditure |
2.2 |
2.4 |
2.2 |
2.4 |
|
|
|
|
|
(i) 2024 Net income and EPS under our Updated Guidance are based on approximately |
||||
(ii) 2024 Net income and EPS under our Previous Guidance were based on approximately |
Americas Materials Solutions
Analysis of Change |
|||||||
in $ millions |
Q2 2023 |
Currency |
Acquisitions |
Divestitures |
Organic |
Q2 2024 |
% change |
Total revenues |
4,164 |
(5) |
+125 |
(34) |
+156 |
4,406 |
+6% |
Adjusted EBITDA |
935 |
(1) |
+38 |
(8) |
+229 |
1,193 |
+28% |
Adjusted EBITDA margin |
22.5% |
|
|
|
|
27.1% |
|
Americas Materials Solutions’ total revenues, including the acquisition of cement and readymixed concrete assets in
In Essential Materials, total revenues increased by 5% supported by pricing growth in both aggregates and cement, ahead by 12% and 8% respectively. Aggregates and cement volumes declined by 3% and 2%, respectively, impacted by adverse weather conditions and subdued new-build residential demand.
In Road Solutions, total revenues increased by 6% driven by improved pricing in all lines of business and continued funding support relating to the
Second quarter 2024 Adjusted EBITDA for Americas Materials Solutions of
Americas
Analysis of Change |
|||||||
in $ millions |
Q2 2023 |
Currency |
Acquisitions |
Divestitures |
Organic |
Q2 2024 |
% change |
Total revenues |
2,148 |
(2) |
+61 |
— |
(91) |
2,116 |
(1)% |
Adjusted EBITDA |
474 |
(1) |
+15 |
— |
(12) |
476 |
— |
Adjusted EBITDA margin |
22.1% |
|
|
|
|
22.5% |
|
Americas
In Building & Infrastructure Solutions, total revenues were in line with the prior year as good acquisition performance was offset by unfavorable weather in certain markets as well as the impact of lower new-build residential demand. The non-residential and infrastructure backdrop remains underpinned by significant IIJA funding.
In Outdoor Living Solutions, total revenues decreased by 2%, primarily due to the impact of adverse weather in the quarter, particularly in
Second quarter 2024 Adjusted EBITDA for Americas
Europe Materials Solutions
Analysis of Change |
|||||||
in $ millions |
Q2 2023 |
Currency |
Acquisitions |
Divestitures |
Organic |
Q2 2024 |
% change |
Total revenues |
2,614 |
+24 |
+40 |
(130) |
(144) |
2,404 |
(8)% |
Adjusted EBITDA |
515 |
+5 |
+7 |
(38) |
+10 |
499 |
(3)% |
Adjusted EBITDA margin |
19.7% |
|
|
|
|
20.8% |
|
Total revenues in Europe Materials Solutions declined by 8%, or 5% on an organic* basis, as good volume growth in Central and
In Essential Materials, total revenues declined by 13% compared with the second quarter of 2023, impacted by the completed divestiture of phases one and two of the European Lime operations. Aggregates volumes were 1% behind the comparable period in 2023 while cement volumes were 2% behind due to lower activity levels, particularly in
In Road Solutions, revenues declined by 3% compared with the second quarter of 2023. Asphalt volumes declined by 1%, with lower volumes in the
Adjusted EBITDA in Europe Materials Solutions for the second quarter of 2024 was
Europe
Analysis of Change |
|||||||
in $ millions |
Q2 2023 |
Currency |
Acquisitions |
Divestitures |
Organic |
Q2 2024 |
% change |
Total revenues |
783 |
+2 |
+6 |
— |
(63) |
728 |
(7)% |
Adjusted EBITDA |
90 |
+1 |
+1 |
— |
(5) |
87 |
(3)% |
Adjusted EBITDA margin |
11.5% |
|
|
|
|
12.0% |
|
Total revenues in Europe
Within Building & Infrastructure Solutions, total revenues declined by 11% compared with the second quarter of 2023. Infrastructure Products revenues increased, as contributions from acquisitions more than offset lower activity levels. Revenues in Precast and Construction Accessories were negatively impacted by subdued demand in key markets.
Revenues in Outdoor Living Solutions were 7% ahead of the comparable period in 2023 with increased activity in the second quarter following prolonged winter weather in certain key markets earlier in the year.
Adjusted EBITDA in Europe
Other Financial Items
Depreciation, depletion and amortization charges of
Gains on the disposal of long-lived assets of
Interest income of
Other nonoperating income, net was
Basic EPS was higher than Q2 2023 at
Balance Sheet and Liquidity
Total short and long-term debt was
In the six months ended
Net Debt* at
As of
As of
Q2 2024 Conference Call
CRH will host a 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 |
Six months ended |
||
|
|
|
||
|
2024 |
2023 |
2024 |
2023 |
Product revenues |
7,308 |
7,431 |
12,676 |
12,769 |
Service revenues |
2,346 |
2,278 |
3,511 |
3,367 |
Total revenues |
9,654 |
9,709 |
16,187 |
16,136 |
Cost of product revenues |
(3,759) |
(3,932) |
(7,336) |
(7,676) |
Cost of service revenues |
(2,220) |
(2,147) |
(3,369) |
(3,211) |
Total cost of revenues |
(5,979) |
(6,079) |
(10,705) |
(10,887) |
Gross profit |
3,675 |
3,630 |
5,482 |
5,249 |
Selling, general and administrative expenses |
(1,948) |
(2,035) |
(3,735) |
(3,657) |
Gain on disposal of long-lived assets |
102 |
18 |
110 |
23 |
Operating income |
1,829 |
1,613 |
1,857 |
1,615 |
Interest income |
36 |
36 |
79 |
76 |
Interest expense |
(155) |
(73) |
(288) |
(154) |
Other nonoperating income, net |
23 |
2 |
184 |
2 |
Income from operations before income tax expense and income from equity method investments |
1,733 |
1,578 |
1,832 |
1,539 |
Income tax expense |
(430) |
(379) |
(411) |
(365) |
Income from equity method investments |
6 |
13 |
2 |
7 |
Net income |
1,309 |
1,212 |
1,423 |
1,181 |
|
|
|
|
|
Net (income) attributable to redeemable noncontrolling interests |
(10) |
(10) |
(12) |
(12) |
Net (income) loss attributable to noncontrolling interests |
(2) |
(3) |
2 |
2 |
Net income attributable to |
1,297 |
1,199 |
1,413 |
1,171 |
|
|
|
|
|
Earnings per share attributable to |
|
|
|
|
Basic |
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
|
|
Basic |
685.5 |
734.7 |
686.6 |
738.8 |
Diluted |
688.8 |
738.2 |
691.1 |
743.4 |
Condensed Consolidated Balance Sheets (Unaudited)
(in $ millions, except share data)
|
|
|
|
|
2024 |
2023 |
2023 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
3,066 |
6,341 |
4,275 |
Restricted cash |
869 |
– |
– |
Accounts receivable, net |
5,893 |
4,507 |
6,119 |
Inventories |
4,514 |
4,291 |
4,276 |
Assets held for sale |
67 |
1,268 |
– |
Other current assets |
704 |
478 |
404 |
Total current assets |
15,113 |
16,885 |
15,074 |
Property, plant and equipment, net |
19,235 |
17,841 |
18,155 |
Equity method investments |
484 |
620 |
672 |
|
10,251 |
9,158 |
9,338 |
Intangible assets, net |
1,086 |
1,041 |
1,061 |
Operating lease right-of-use assets, net |
1,279 |
1,292 |
1,187 |
Other noncurrent assets |
657 |
632 |
655 |
Total assets |
48,105 |
47,469 |
46,142 |
|
|
|
|
Liabilities, redeemable noncontrolling interests and shareholders’ equity |
|
||
Current liabilities: |
|
|
|
Accounts payable |
3,363 |
3,149 |
3,553 |
Accrued expenses |
2,272 |
2,296 |
2,335 |
Current portion of long-term debt |
3,218 |
1,866 |
2,185 |
Operating lease liabilities |
259 |
255 |
240 |
Liabilities held for sale |
14 |
375 |
– |
Other current liabilities |
1,422 |
2,072 |
1,358 |
Total current liabilities |
10,548 |
10,013 |
9,671 |
Long-term debt |
9,900 |
9,776 |
7,563 |
Deferred income tax liabilities |
2,914 |
2,738 |
3,010 |
Noncurrent operating lease liabilities |
1,114 |
1,125 |
1,016 |
Other noncurrent liabilities |
2,178 |
2,196 |
2,173 |
Total liabilities |
26,654 |
25,848 |
23,433 |
Commitments and contingencies |
|
|
|
Redeemable noncontrolling interests |
335 |
333 |
313 |
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; 725,113,896, 734,519,598 and 752,140,338 issued and outstanding, as of |
292 |
296 |
302 |
|
(2,143) |
(2,199) |
(1,140) |
Additional paid-in capital |
359 |
454 |
391 |
Accumulated other comprehensive loss |
(813) |
(616) |
(625) |
Retained earnings |
23,030 |
22,918 |
22,892 |
Total shareholders’ equity attributable to |
20,726 |
20,854 |
21,821 |
Noncontrolling interests |
390 |
434 |
575 |
Total equity |
21,116 |
21,288 |
22,396 |
Total liabilities, redeemable noncontrolling interests and equity |
48,105 |
47,469 |
46,142 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in $ millions)
|
Six months ended |
|
|
|
|
|
2024 |
2023 |
Cash Flows from Operating Activities: |
|
|
Net income |
1,423 |
1,181 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation, depletion and amortization |
821 |
785 |
Share-based compensation |
63 |
60 |
Gains on disposals from businesses and long-lived assets, net |
(248) |
(23) |
Deferred tax expense |
197 |
95 |
Income from equity method investments |
(2) |
(7) |
Pension and other postretirement benefits net periodic benefit cost |
18 |
14 |
Non-cash operating lease costs |
151 |
138 |
Other items, net |
(16) |
35 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: |
|
|
Accounts receivable, net |
(1,371) |
(1,758) |
Inventories |
(175) |
(22) |
Accounts payable |
232 |
558 |
Operating lease liabilities |
(151) |
(137) |
Other assets |
(107) |
(2) |
Other liabilities |
(39) |
69 |
Pension and other postretirement benefits contributions |
(23) |
(23) |
Net cash provided by operating activities |
773 |
963 |
|
|
|
Cash Flows from Investing Activities: |
|
|
Purchases of property, plant and equipment |
(1,130) |
(771) |
Acquisitions, net of cash acquired |
(2,522) |
(198) |
Proceeds from divestitures and disposals of long-lived assets |
1,096 |
42 |
Dividends received from equity method investments |
15 |
12 |
Settlements of derivatives |
(3) |
7 |
Deferred divestiture consideration received |
55 |
– |
Other investing activities, net |
(128) |
(62) |
Net cash used in investing activities |
(2,617) |
(970) |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in $ millions)
|
Six months ended |
|
|
|
|
|
2024 |
2023 |
Cash Flows from Financing Activities: |
|
|
Proceeds from debt issuances |
3,370 |
855 |
Payments on debt |
(1,691) |
(849) |
Settlements of derivatives |
(3) |
4 |
Payments of finance lease obligations |
(21) |
(12) |
Deferred and contingent acquisition consideration paid |
(10) |
(4) |
Dividends paid |
(1,231) |
(761) |
Distributions to noncontrolling and redeemable noncontrolling interests |
(22) |
(23) |
Repurchases of common stock |
(907) |
(959) |
Proceeds from exercise of stock options |
– |
3 |
Net cash used in financing activities |
(515) |
(1,746) |
|
|
|
Effect of exchange rate changes on cash and cash equivalents, including restricted cash |
(85) |
92 |
Decrease in cash and cash equivalents, including restricted cash |
(2,444) |
(1,661) |
Cash and cash equivalents and restricted cash at the beginning of period |
6,390 |
5,936 |
Cash and cash equivalents and restricted cash at the end of period |
3,946 |
4,275 |
|
|
|
Supplemental cash flow information: |
|
|
Cash paid for interest (including finance leases) |
216 |
201 |
Cash paid for income taxes |
304 |
277 |
|
|
|
Reconciliation of cash and cash equivalents and restricted cash |
|
|
Cash and cash equivalents presented in the Condensed Consolidated Balance Sheets |
3,066 |
4,275 |
Restricted cash presented in the Condensed Consolidated Balance Sheets |
869 |
– |
Cash and cash equivalents included in assets held for sale |
11 |
– |
Total cash and cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows |
3,946 |
4,275 |
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 |
Six months ended |
||
|
|
|
||
in $ millions |
2024 |
2023 |
2024 |
2023 |
Net income |
1,309 |
1,212 |
1,423 |
1,181 |
Income from equity method investments |
(6) |
(13) |
(2) |
(7) |
Income tax expense |
430 |
379 |
411 |
365 |
Gain on divestitures and unrealized gains on investments (i) |
(23) |
– |
(183) |
– |
Pension income excluding current service cost component (i) |
(1) |
(2) |
(2) |
(2) |
Other interest, net (i) |
1 |
– |
1 |
– |
Interest expense |
155 |
73 |
288 |
154 |
Interest income |
(36) |
(36) |
(79) |
(76) |
Depreciation, depletion and amortization |
424 |
401 |
821 |
785 |
Substantial acquisition-related costs (ii) |
2 |
– |
22 |
– |
Adjusted EBITDA |
2,255 |
2,014 |
2,700 |
2,400 |
|
|
|
|
|
Total revenues |
9,654 |
9,709 |
16,187 |
16,136 |
Net income margin |
13.6% |
12.5% |
8.8% |
7.3% |
Adjusted EBITDA margin |
23.4% |
20.7% |
16.7% |
14.9% |
|
|
|
|
|
(i) Gain on divestitures and unrealized loss/gains on investments, pension income excluding current service cost component and other interest, net 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 meet the criteria for being separately reported in Note 4 “Acquisitions” of the unaudited financial statements in the Quarterly Report on Form 10-Q. Expenses in the second quarter of 2024 primarily include legal and consulting expenses related to these non-routine substantial acquisitions. |
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 updated Adjusted EBITDA guidance is presented below:
|
Updated Guidance |
Previous Guidance |
in $ billions |
2024
|
2024
|
Net income |
3.8 |
3.7 |
Income tax expense |
1.1 |
1.1 |
Interest expense, net |
0.5 |
0.4 |
Depreciation, depletion, amortization and impairment |
1.7 |
1.7 |
Other (i) |
(0.2) |
(0.2) |
Adjusted EBITDA |
6.9 |
6.7 |
(i) Other primarily relates to loss (income) from equity method investments, loss (gain) on divestitures and unrealized loss (gain) on investments and substantial acquisition-related costs. |
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 |
(13,118) |
(11,642) |
(9,748) |
Cash and cash equivalents (i) |
3,077 |
6,390 |
4,275 |
Finance lease liabilities |
(147) |
(117) |
(91) |
Derivative financial instruments (net) |
(91) |
(37) |
(111) |
Net Debt |
(10,279) |
(5,406) |
(5,675) |
(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.
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; plans and expectations regarding government funding initiatives; 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 and divestitures, including with respect to the timing and completion of the divestiture of phase three of the European Lime operations, 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; expectations regarding CRH's credit rating with each of the three main rating agencies; 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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