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CRH plc raises first-half earnings guidance to €1.1bn

Iseq heavyweight had previously guided ebitda of ‘close to €1bn’ for the first six months

Building materials group CRH has this morning raised its first-half earnings before interest, taxes, depreciation and amortisation (ebitda) guidance to €1.1 billion.

No reason was given for the decision; however, CRH earlier this year said it had experienced a “positive trading backdrop” in its main markets in the first quarter.

Ireland’s largest publicly-quoted company had previously guided ebitda of close to €1 billion for its fiscal first half.

CRH is due to publish its first-half results on August 25th.

The ratings firm Moody’s earlier this month affirmed its Baa2 long-term rating and stable outlook on CRH following the company’s announcement that it had established a commercial paper programme in the US allowing it to issue up to $1 billion of debt.

The programme allows the group to diversify its funding sources, even as it focuses on deleveraging following its €6.5 billion purchase of assets acquired from Lafarge and Holcim last year.

In a note to investors, Davy said it suspected the strength of trading seen in the US in the first quarter had continued in the second quarter.

“Specifically, the margin environment has likely continued to be supportive. Based on the update, market estimates are likely to move higher by about 3 per cent,” it said.

Source: www.irishtimes.com

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