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BASIC INDUSTRIES: CRH (CRHID Baa1/BBB+/BBB+): 2Q24 Results

BASIC INDUSTRIES
BulletCredit Bullets

Marginal credit positive.

  • CRH posted revenue 4% below consensus, with organic growth -1%.
  • EBITDA beat by 8%, with M&A impact and cost savings impacting margins positively.
  • 1h24 FCF fell to -$357mn from $192mn YoY mainly due to WC differences and higher capex; normalised CFO was little changed. Net debt rose to $10.3bn following M&A activity pointing to FY24 leverage below 1.3x.
  • FY24 adj. EBITDA guidance raised 3% at midpoint. While residential activity remains subdued generally, infrastructure and non-residential demand is expected to be good.

Webcast 13.00 BST https://events.q4inc.com/attendee/458049774.

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Marginal credit positive.

  • CRH posted revenue 4% below consensus, with organic growth -1%.
  • EBITDA beat by 8%, with M&A impact and cost savings impacting margins positively.
  • 1h24 FCF fell to -$357mn from $192mn YoY mainly due to WC differences and higher capex; normalised CFO was little changed. Net debt rose to $10.3bn following M&A activity pointing to FY24 leverage below 1.3x.
  • FY24 adj. EBITDA guidance raised 3% at midpoint. While residential activity remains subdued generally, infrastructure and non-residential demand is expected to be good.

Webcast 13.00 BST https://events.q4inc.com/attendee/458049774.