DUBLIN (dpa-AFX) - (Adds Outlook)
CRH Plc (CRH) has lifted its annual earnings guidance and reaffirmed its capital expenditure outlook.
Albert Manifold, Chief Executive, said: 'Reflecting the strength of our financial performance, the positive underlying momentum in our business as well as the positive contribution from recent portfolio activity, we are raising our guidance and remain well positioned to deliver another record year in 2024.'
For the full year, the company now expects net income of $3.70 billion or $5.40 per share - $3.85 billion or $5.60 per share, higher than the earlier expectation of $3.55 billion or $5.15 per share - $3.80 billion or $5.45 per share.
Analysts, on average, forecast the firm to earn $5.43 per share, for the year.
CRH continues to estimate capital expenditure of $2.2 billion to $2.4 billion for the year.
The Board also declared a new quarterly dividend of $0.35 per share, up 5 percent from last year. The dividend will be paid on September 25, to shareholders of record on August 23.
CRH was trading up by 5.41 percent at $80.21 in the pre-market trade on the New York Stock Exchange.
Q2 Results:
CRH released earnings for its second quarter that increased from the same period last year and beat the Street estimates.
The company's earnings came in at $1.297 billion, or $1.88 per share. This compares with $1.199 billion, or $1.62 per share, in last year's second quarter.
Analysts on average had expected the company to earn $1.81 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 0.6% to $9.654 billion from $9.709 billion last year.
CRH plc earnings at a glance (GAAP) :
-Earnings (Q2): $1.297 Bln. vs. $1.199 Bln. last year. -EPS (Q2): $1.88 vs. $1.62 last year. -Revenue (Q2): $9.654 Bln vs. $9.709 Bln last year.
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