Why Construction Materials Company CRH Shares Are Up Premarket Thursday
Portfolio Pulse from Lekha Gupta
CRH plc (NYSE:CRH) shares rose in premarket trading after announcing FY23 results and a share repurchase program. Revenue increased 7% Y/Y to $34.9 billion, with organic revenues up 3%. Adjusted EBITDA grew 15% Y/Y to $6.2 billion, and EPS from continuing operations pre-impairment rose 30% Y/Y to $4.65. The company completed a share buyback of $3.0 billion in 2023 and announced a new buyback program with Barclays Capital Inc. for up to $300 million. A quarterly dividend of $0.35 per share was declared, payable in April 2024. CRH expects EPS of $5.15-$5.45 for FY24, above consensus estimates.
February 29, 2024 | 1:51 pm
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CRH plc reported strong FY23 results, including a 7% revenue increase and a 15% adjusted EBITDA growth. The company announced a share repurchase program and declared a quarterly dividend of $0.35 per share. FY24 EPS outlook is positive.
CRH's strong FY23 performance and positive FY24 outlook, combined with the announcement of a share repurchase program and a dividend, are likely to positively impact investor sentiment and the stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100