Ireland | 001-32846 | 98-0366809 | ||||||||||||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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Stonemason's Way, Rathfarnham,
Dublin 16, D16 KH51, Ireland
| ||
(Address of principal executive offices) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d 2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||||||
Ordinary Shares of €0.32 each | CRH | New York Stock Exchange | |||||||||||||||||||||
6.40% Notes due 2033 | CRH/33A | New York Stock Exchange |
☐ | Emerging Growth Company |
Exhibit No. | Description | |||||||
99.1 |
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104 |
Cover Page Interactive Data File **
(formatted in Inline XBRL)
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CRH public limited company | ||||||||||||||||||||
/s/ Jim Mintern | ||||||||||||||||||||
By: | Jim Mintern | |||||||||||||||||||
Chief Financial Officer |
Press Release
CRH publishes quarterly U.S. GAAP information for 2023
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Contact CRH at +353 1 404 1000 | |||||
Albert Manifold | Chief Executive | ||||
Jim Mintern | Chief Financial Officer | ||||
Frank Heisterkamp | Director of Capital Markets & ESG | ||||
Tom Holmes | Head of Investor Relations |
Unaudited, for the three months ended | Audited, for the year ended | ||||||||||||||||
March 31, 2023 | June 30, 2023 |
September 30, 2023 | December 31, 2023 | December 31, 2023 | |||||||||||||
Product revenues | 5,338 | 7,431 | 7,157 | 6,230 | 26,156 | ||||||||||||
Service revenues | 1,089 | 2,278 | 2,971 | 2,455 | 8,793 | ||||||||||||
Total revenues | 6,427 | 9,709 | 10,128 | 8,685 | 34,949 | ||||||||||||
Cost of product revenues | (3,744) | (3,932) | (3,609) | (3,456) | (14,741) | ||||||||||||
Cost of service revenues | (1,064) | (2,147) | (2,756) | (2,278) | (8,245) | ||||||||||||
Total cost of revenues | (4,808) | (6,079) | (6,365) | (5,734) | (22,986) | ||||||||||||
Gross profit | 1,619 | 3,630 | 3,763 | 2,951 | 11,963 | ||||||||||||
Selling, general and administrative expenses | (1,622) | (2,035) | (1,990) | (1,839) | (7,486) | ||||||||||||
Gain on disposal of long-lived assets | 5 | 18 | 15 | 28 | 66 | ||||||||||||
Loss on impairments | – | – | – | (357) | (357) | ||||||||||||
Operating income | 2 | 1,613 | 1,788 | 783 | 4,186 | ||||||||||||
Interest income | 40 | 36 | 62 | 68 | 206 | ||||||||||||
Interest expense | (81) | (73) | (131) | (91) | (376) | ||||||||||||
Other nonoperating income (expense), net | – | 2 | 1 | (5) | (2) | ||||||||||||
(Loss) income before income tax expense and income from equity method investments | (39) | 1,578 | 1,720 | 755 | 4,014 | ||||||||||||
Income tax benefit (expense) | 14 | (379) | (416) | (144) | (925) | ||||||||||||
(Loss) income from equity method investments | (6) | 13 | 14 | (38) | (17) | ||||||||||||
Net (loss) income | (31) | 1,212 | 1,318 | 573 | 3,072 | ||||||||||||
Net (income) attributable to redeemable noncontrolling interests | (2) | (10) | (9) | (7) | (28) | ||||||||||||
Net loss (income) attributable to noncontrolling interests | 5 | (3) | (3) | 135 | 134 | ||||||||||||
Net (loss) income attributable to CRH plc | (28) | 1,199 | 1,306 | 701 | 3,178 | ||||||||||||
(Loss) earnings per share attributable to CRH plc | |||||||||||||||||
Basic | ($0.05) | $1.63 | $1.81 | $0.99 | $4.36 | ||||||||||||
Diluted | ($0.05) | $1.62 | $1.80 | $0.99 | $4.33 | ||||||||||||
Weighted average common shares outstanding | |||||||||||||||||
Basic | 742.9 | 734.7 | 718.2 | 700.5 | 723.9 | ||||||||||||
Diluted | 742.9 | 738.2 | 722.1 | 705.3 | 729.2 |
Unaudited, as at | Audited, as at | |||||||||||||
March 31, 2023 | June 30, 2023 |
September 30, 2023 | December 31, 2023 | |||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 4,650 | 4,275 | 5,722 | 6,341 | ||||||||||
Accounts receivable, net | 4,706 | 6,119 | 5,972 | 4,507 | ||||||||||
Inventories | 4,458 | 4,276 | 4,191 | 4,291 | ||||||||||
Assets held for sale | – | – | – | 1,268 | ||||||||||
Other current assets | 416 | 404 | 430 | 478 | ||||||||||
Total current assets | 14,230 | 15,074 | 16,315 | 16,885 | ||||||||||
Property, plant and equipment, net | 17,997 | 18,155 | 18,103 | 17,841 | ||||||||||
Equity method investments | 655 | 672 | 665 | 620 | ||||||||||
Goodwill | 9,308 | 9,338 | 9,545 | 9,158 | ||||||||||
Intangible assets, net | 1,094 | 1,061 | 1,074 | 1,041 | ||||||||||
Operating lease right-of-use assets, net | 1,192 | 1,187 | 1,237 | 1,292 | ||||||||||
Other noncurrent assets | 631 | 655 | 692 | 632 | ||||||||||
Total assets | 45,107 | 46,142 | 47,631 | 47,469 | ||||||||||
Liabilities, redeemable noncontrolling interests and shareholders’ equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | 2,627 | 3,553 | 2,954 | 3,149 | ||||||||||
Accrued expenses | 2,079 | 2,335 | 2,457 | 2,296 | ||||||||||
Current portion of long-term debt | 2,251 | 2,185 | 1,860 | 1,866 | ||||||||||
Operating lease liabilities | 235 | 240 | 245 | 255 | ||||||||||
Liabilities held for sale | – | – | – | 375 | ||||||||||
Other current liabilities | 2,063 | 1,358 | 1,675 | 2,072 | ||||||||||
Total current liabilities | 9,255 | 9,671 | 9,191 | 10,013 | ||||||||||
Long-term debt | 7,583 | 7,563 | 9,535 | 9,776 | ||||||||||
Deferred income tax liabilities | 2,972 | 3,010 | 3,050 | 2,738 | ||||||||||
Noncurrent operating lease liabilities | 1,021 | 1,016 | 1,065 | 1,125 | ||||||||||
Other noncurrent liabilities | 2,132 | 2,173 | 2,142 | 2,196 | ||||||||||
Total liabilities | 22,963 | 23,433 | 24,983 | 25,848 | ||||||||||
Commitments and contingencies | ||||||||||||||
Redeemable noncontrolling interests | 307 | 313 | 320 | 333 | ||||||||||
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 March 31, June 30, September 30 and December 31, 2023 | 1 | 1 | 1 | 1 | ||||||||||
Common stock, €0.32 par value, 1,250,000,000 shares authorized, as of March 31, June 30, September 30 and December 31, 2023; 752,140,338 shares issued and outstanding, as of March 31 and June 30 and 750,725,468 and 734,519,598 shares issued and outstanding, as of September 30 and December 31, 2023, respectively | 302 | 302 | 302 | 296 | ||||||||||
Treasury stock, at cost (11,596,581, 24,158,408, 41,554,960 and 42,419,281 shares as of March 31, June 30, September 30 and December 31, 2023, respectively) | (487) | (1,140) | (2,132) | (2,199) | ||||||||||
Additional paid-in capital | 420 | 391 | 423 | 454 | ||||||||||
Accumulated other comprehensive loss | (673) | (625) | (763) | (616) | ||||||||||
Retained earnings | 21,692 | 22,892 | 23,936 | 22,918 | ||||||||||
Total shareholders’ equity attributable to CRH plc shareholders | 21,255 | 21,821 | 21,767 | 20,854 | ||||||||||
Noncontrolling interests | 582 | 575 | 561 | 434 | ||||||||||
Total equity | 21,837 | 22,396 | 22,328 | 21,288 | ||||||||||
Total liabilities, redeemable noncontrolling interests and equity | 45,107 | 46,142 | 47,631 | 47,469 |
Unaudited | Audited | |||||||||||||
Three months ended March 31, 2023 | Six months ended June 30, 2023 |
Nine months ended September 30, 2023 | Year ended December 31, 2023 |
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Cash Flows from Operating Activities: | ||||||||||||||
Net (loss) income | (31) | 1,181 | 2,499 | 3,072 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation, depletion and amortization | 384 | 785 | 1,187 | 1,633 | ||||||||||
Loss on impairments | – | – | – | 357 | ||||||||||
Share-based compensation | 31 | 60 | 92 | 123 | ||||||||||
Gains on disposals from long-lived assets, net | (5) | (23) | (38) | (66) | ||||||||||
Deferred tax expense (benefit) | 49 | 95 | 108 | (64) | ||||||||||
Loss (income) from equity method investments | 6 | (7) | (21) | 17 | ||||||||||
Pension and other postretirement benefits net periodic benefit cost | 8 | 14 | 22 | 31 | ||||||||||
Non-cash operating lease costs | 69 | 138 | 212 | 293 | ||||||||||
Other items, net | (3) | 35 | 33 | 68 | ||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||||||||||||||
Accounts receivable, net | (356) | (1,758) | (1,643) | (164) | ||||||||||
Inventories | (217) | (22) | 62 | (60) | ||||||||||
Accounts payable | (339) | 558 | (30) | 144 | ||||||||||
Operating lease liabilities | (70) | (137) | (204) | (276) | ||||||||||
Other assets | (21) | (2) | (5) | 25 | ||||||||||
Other liabilities | (164) | 69 | 354 | (72) | ||||||||||
Pension and other postretirement benefits contributions | (12) | (23) | (34) | (44) | ||||||||||
Net cash (used in) provided by operating activities | (671) | 963 | 2,594 | 5,017 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||
Purchases of property, plant and equipment | (332) | (771) | (1,175) | (1,817) | ||||||||||
Acquisitions, net of cash acquired | (155) | (198) | (561) | (640) | ||||||||||
Proceeds from divestitures and disposals of long-lived assets | 6 | 42 | 64 | 104 | ||||||||||
Dividends received from equity method investments | 8 | 12 | 23 | 44 | ||||||||||
Settlements of derivatives | (2) | 7 | 3 | (1) | ||||||||||
Deferred divestiture consideration received | – | – | 5 | 6 | ||||||||||
Other investing activities, net | (17) | (62) | (88) | (87) | ||||||||||
Net cash used in investing activities | (492) | (970) | (1,729) | (2,391) |
Unaudited | Audited | |||||||||||||
Three months ended March 31, 2023 | Six months ended June 30, 2023 |
Nine months ended September 30, 2023 | Year ended December 31, 2023 |
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Cash Flows from Financing Activities: | ||||||||||||||
Proceeds from debt issuances | 71 | 855 | 2,687 | 3,163 | ||||||||||
Payments on debt | – | (849) | (940) | (1,462) | ||||||||||
Settlements of derivatives | 6 | 4 | 5 | 7 | ||||||||||
Payments of finance lease obligations | (6) | (12) | (18) | (26) | ||||||||||
Deferred and contingent acquisition consideration paid | (4) | (4) | (8) | (22) | ||||||||||
Dividends paid | – | (761) | (761) | (940) | ||||||||||
Distributions to noncontrolling and redeemable noncontrolling interests | (13) | (23) | (35) | (35) | ||||||||||
Transactions involving noncontrolling interests | – | – | – | (2) | ||||||||||
Repurchases of common stock | (246) | (959) | (2,031) | (3,067) | ||||||||||
Proceeds from exercise of stock options | 1 | 3 | 4 | 4 | ||||||||||
Net cash used in financing activities | (191) | (1,746) | (1,097) | (2,380) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | 68 | 92 | 18 | 208 | ||||||||||
(Decrease) increase in cash and cash equivalents | (1,286) | (1,661) | (214) | 454 | ||||||||||
Cash and cash equivalents at the beginning of period | 5,936 | 5,936 | 5,936 | 5,936 | ||||||||||
Cash and cash equivalents at the end of period | 4,650 | 4,275 | 5,722 | 6,390 | ||||||||||
Supplemental cash flow information: | ||||||||||||||
Cash paid for interest (including finance leases) | 54 | 201 | 244 | 418 | ||||||||||
Cash paid for income taxes | 104 | 277 | 620 | 959 | ||||||||||
Reconciliation of cash and cash equivalents | ||||||||||||||
Cash and cash equivalents presented in the Consolidated Balance Sheets | 4,650 | 4,275 | 5,722 | 6,341 | ||||||||||
Cash and cash equivalents included in assets held for sale | – | – | – | 49 | ||||||||||
Total cash and cash equivalents presented on the Consolidated Statements of Cash Flows | 4,650 | 4,275 | 5,722 | 6,390 |
Unaudited, for the three months ended | Audited, for the year ended | ||||||||||||||||
March 31, 2023 | June 30, 2023 |
September 30, 2023 | December 31, 2023 | December 31, 2023 | |||||||||||||
Revenues | |||||||||||||||||
Americas Materials Solutions | 1,895 | 4,164 | 5,080 | 4,296 | 15,435 | ||||||||||||
Americas Building Solutions | 1,661 | 2,148 | 1,738 | 1,470 | 7,017 | ||||||||||||
Europe Materials Solutions | 2,178 | 2,614 | 2,617 | 2,281 | 9,690 | ||||||||||||
Europe Building Solutions | 693 | 783 | 693 | 638 | 2,807 | ||||||||||||
Total revenues | 6,427 | 9,709 | 10,128 | 8,685 | 34,949 | ||||||||||||
Adjusted EBITDA* | |||||||||||||||||
Americas Materials Solutions | (35) | 935 | 1,284 | 875 | 3,059 | ||||||||||||
Americas Building Solutions | 301 | 474 | 391 | 276 | 1,442 | ||||||||||||
Europe Materials Solutions | 68 | 515 | 446 | 366 | 1,395 | ||||||||||||
Europe Building Solutions | 52 | 90 | 69 | 69 | 280 | ||||||||||||
Total Adjusted EBITDA* | 386 | 2,014 | 2,190 | 1,586 | 6,176 | ||||||||||||
Depreciation, depletion and amortization | |||||||||||||||||
Americas Materials Solutions | 186 | 195 | 195 | 205 | 781 | ||||||||||||
Americas Building Solutions | 75 | 73 | 73 | 78 | 299 | ||||||||||||
Europe Materials Solutions | 101 | 111 | 112 | 140 | 464 | ||||||||||||
Europe Building Solutions | 22 | 22 | 22 | 23 | 89 | ||||||||||||
Total depreciation, depletion and amortization | 384 | 401 | 402 | 446 | 1,633 | ||||||||||||
For the three months ended | For the year ended | ||||||||||||||||
Non-GAAP reconciliation (unaudited) | March 31, 2023 | June 30, 2023 |
September 30, 2023 | December 31, 2023 | December 31, 2023 | ||||||||||||
Net (loss) income | (31) | 1,212 | 1,318 | 573 | 3,072 | ||||||||||||
Loss (income) from equity method investments | 6 | (13) | (14) | 38 | 17 | ||||||||||||
Income tax (benefit) expense | (14) | 379 | 416 | 144 | 925 | ||||||||||||
Pension income excluding current service cost component (i) | – | (2) | (1) | – | (3) | ||||||||||||
Other interest, net (i) | – | – | – | 5 | 5 | ||||||||||||
Interest expense | 81 | 73 | 131 | 91 | 376 | ||||||||||||
Interest income | (40) | (36) | (62) | (68) | (206) | ||||||||||||
Depreciation, depletion and amortization | 384 | 401 | 402 | 446 | 1,633 | ||||||||||||
Loss on impairments (ii) | – | – | – | 357 | 357 | ||||||||||||
Adjusted EBITDA* | 386 | 2,014 | 2,190 | 1,586 | 6,176 |
Unaudited, for the three months ended | Audited, for the year ended | ||||||||||||||||
March 31, 2023 | June 30, 2023 |
September 30, 2023 | December 31, 2023 | December 31, 2023 | |||||||||||||
Numerator | |||||||||||||||||
Net (loss) income | (31) | 1,212 | 1,318 | 573 | 3,072 | ||||||||||||
Net (income) attributable to redeemable noncontrolling interests | (2) | (10) | (9) | (7) | (28) | ||||||||||||
Net loss (income) attributable to noncontrolling interests | 5 | (3) | (3) | 135 | 134 | ||||||||||||
Adjustment of redeemable noncontrolling interests to redemption value | (10) | (2) | (6) | (6) | (24) | ||||||||||||
Net (loss) income attributable to CRH plc for EPS - basic and diluted | (38) | 1,197 | 1,300 | 695 | 3,154 | ||||||||||||
Denominator | |||||||||||||||||
Weighted average common shares outstanding – Basic (i) | 742.9 | 734.7 | 718.2 | 700.5 | 723.9 | ||||||||||||
Effect of dilutive employee share awards (ii) | - | 3.5 | 3.9 | 4.8 | 5.3 | ||||||||||||
Weighted average common shares outstanding – Diluted | 742.9 | 738.2 | 722.1 | 705.3 | 729.2 | ||||||||||||
(Loss) earnings per share attributable to CRH plc | |||||||||||||||||
Basic | ($0.05) | $1.63 | $1.81 | $0.99 | $4.36 | ||||||||||||
Diluted | ($0.05) | $1.62 | $1.80 | $0.99 | $4.33 |