Dow Jones Newswires: CRH profits rise in 2022; looks to buyback $3 billion of stock and seek U.S. listing

by | Mar 2, 2023 | Stock Market

on Thursday reported that its pretax profit rose in 2022, reflecting strategic decisions and commercial progress, and declared it will buyback up to $3 billion worth of shares and pursue a U.S. listing. The Irish building-materials supplier made a pretax profit of $3.47 billion in 2022, up from a restated $3.10 billion in 2021, while revenue rose to $32.72 billion, from a restated $29.21 billion. It said this reflects its integrated solutions strategy, along with resilient demand and commercial progress in North America and Europe.

Earnings before interest, taxes, depreciation and amortization rose to $5.62 billion, from $4.99 billion. Back in November, CRH had forecast full-year Ebitda in excess of $5.5 billion. The company said it plans to pursue a primary listing in the U.S., as it represents around 75% of Ebitda and would bring increased commercial, operational and acquisition opportunities. It will not otherwise affect the main business, which will remain headquartered in Ireland. The group declared a final dividend of 103 cents a share, bringing the full-year distribution to 127 cents up from 121 cents a year earlier. It also said it intends to buyback up to $3 billion of shares over the next year. CRH said it expects resilient demand and increased pricing in 2023 despite macroeconomic uncertaint …

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