Latest news with #CRH
Irish Times
08-05-2025
- Business
- Irish Times
CRH chair says Irish AGMs still ‘appropriate' even as holding of meetings overseas is approved
CRH chairman Richie Boucher has insisted that holding its annual general meetings (AGM) in Ireland remains 'appropriate', even as investors approved a resolution allowing it to hold such meetings oversees in future. Some 99 per cent of voting shareholders backed a resolution at the building materials and services giant's AGM in Dublin on Thursday that would allow it to amend its articles of association to enable general meetings to be held outside of the Republic. Mr Boucher told investors at the meeting that the resolution was put forward to give CRH, which moved its main listing to New York in late 2023, but remains based in Dublin, the 'flexibility for potentially unforeseen circumstances'. The chairman, who served as chief executive of Bank of Ireland post the 2008 financial crash, said CRH 'has no current intention' to move its AGMs overseas and that, as chairman, he feels 'it is appropriate' to continue to hold them in Ireland. READ MORE Still, he added that he did not want 'tie any future chairman' to that position. Earlier this week, CRH stuck to its forecast that earnings before interest, tax, depreciation and amortisation will rise as much as 11.6 per cent to between $7.3 billion (€6.5 billion) and $7.7 billion this year and that it has not seen any sign of customers scrapping or delaying investment even as the global economic outlook has become more uncertain in recent months. Speaking to reporters after the meeting, group chief executive Jim Mintern said a 'much needed' recovery of the US home construction market was likely to be pushed out to next year, amid ongoing economic uncertainty and high prevailing interest rates. 'It's not a demand issue in the US. There's a shortfall of somewhere between four and six million homes in the US. It's affordability. The typical mortgage in the US is structured as a 30-year fixed [product]. The rate today is 6.8 per cent and that needs to come back to something beginning with a five before you get that moving again,' he said. The residential construction market makes up about 30 per cent of the group's sales in its Americas units. The Americas accountsfor 75 per cent of group earnings, which are mainly geared towards infrastructure and non-residential building. Group chief operating officer Randy Lake highlighted on Tuesday that only a third of what was earmarked for motorways in the Biden administration's 2021 Infrastructure Investment and Jobs Act has been spent to date. CRH is the biggest road builder in the US. Momentum across North American data centre construction and high-spec manufacturing was 'positive', in particular, according to the group. The CEO said CRH is beginning to see what it described as 'some green shoots' in construction in Europe. 'I don't think it's fully appreciated how tough a time western Europe has had with Brexit, the pandemic, the war [in Ukraine], the energy crisis, and a lot of elections last year,' Mr Mintern told reporters. Meanwhile, Mr Mintern said that it remains a matter of 'when, not if' CRH joins the S&P 500, the most widely followed stock market index in the world, as the group feels that it has ticked all the boxes necessary for the committee presiding over the index to include the group. He said that CRH moving in January to become a 'US domestic' shares issuer, after the group crossed the threshold of more than 50 per cent of its shares being held by US residents, was 'not unhelpful' to its S&P 500 inclusion case.
Reuters
08-05-2025
- Business
- Reuters
Higher interest rates to delay U.S. residential market recovery, CRH CEO says
DUBLIN, May 8 (Reuters) - A recovery in the currently subdued U.S. residential construction market will inevitably take longer due to interest rates and inflation potentially staying higher for longer, the head of the largest building materials producer in the United States, CRH (CRH.N), opens new tab, said on Thursday. "The much needed recovery in U.S. residential is going to I think inevitably get pushed out," Jim Mintern told reporters after the company's annual general meeting, saying a fall in U.S. mortgage interest rates was required to spur activity. "We did not factor in a recovery in '25, we always thought it would be into '26 before it would come but I think now potentially with inflation and interest rates higher for longer on the dollar side, that's going to push that out."
Irish Independent
08-05-2025
- Business
- Irish Independent
CRH holds its AGM in Dublin today – and it could be its last one ever held in Ireland
Ireland's biggest company, with a market cap of €55.3bn, CRH was formed in 1970 via a merger between two firms, Cement and Roadstone. For almost the past 20 years, its AGM has been held at the Marine Hotel in Dún Laoghaire, Co Dublin, and before that, at other city centre venues. But shareholders hoping to pop along for a cup of tea and a sandwich while they rub shoulders with CRH's executives, including chief executive Jim Mintern, may soon have to jump on a flight to do so. And they'd likely have to head to New York. Among the proposals tucked away within resolution number 12 is a plan to make 'certain administrative updates' to the company's articles of association 'in connection with the company's transition of its primary listing to the New York Stock Exchange'. CRH shifted its primary stock market listing to the NYSE in September 2023. Its shares ceased trading in Dublin at the time. It's certain to annoy some small shareholders North America accounts for about 75pc of CRH's earnings before interest, tax, depreciation and amortisation. CRH noted at the time of the transition that the region would be a key driver for the group's likely growth in future years. The primary listing in the US also gave the group a higher investor profile. Since it made the move, shares in the company have almost doubled. But the corporate shindig this morning could potentially be the last CRH outing in Ireland for ordinary shareholders, most of them with small nest-eggs invested in the business. The company plans to amend article 56 to allow its meetings to be held outside Ireland, and that they can be held online if necessary. ADVERTISEMENT 'The board of directors proposes to amend article 56 and article 57 to provide the company with greater flexibility in respect of the location of its general meetings,' notes the proposal. 'The suggested amendment would allow for general meetings to be held outside of Ireland and by technological means, if preferred or required, subject to the provisions of the Companies Act.' With CRH's biggest shareholders based in the US, it makes sense that the company, despite being headquartered in Ireland, hold its annual general meetings there rather than in Dublin. Still, it's certain to annoy some small shareholders who have for years made the annual pilgrimage to hear from the board, and even pose the occasional question. Among the retail shareholders who have flagged concerns is Charles Lysaght. Small investors can do little to influence the outcome of resolutions proposed at AGMs, with the outcomes determined by large institutional investors. However, a tiny cohort still wants to be heard – whether that's to praise or tackle the board. CRH annual general meetings have occasionally been colourful affairs. Protests were previously held outside the meetings by the Ireland Palestine Solidarity Campaign. It was among the groups that for years put pressure on CRH to divest its stake in Israeli firm Mashav.
Yahoo
06-05-2025
- Business
- Yahoo
CRH (CRH) Reports Q1 Earnings: What Key Metrics Have to Say
For the quarter ended March 2025, CRH (CRH) reported revenue of $6.76 billion, up 3.4% over the same period last year. EPS came in at -$0.12, compared to -$0.02 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $6.88 billion, representing a surprise of -1.86%. The company delivered an EPS surprise of -50.00%, with the consensus EPS estimate being -$0.08. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how CRH performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenue- Americas Materials Solutions : $2.24 billion versus the three-analyst average estimate of $2.36 billion. Revenue- International Solutions : $2.83 billion versus $2.74 billion estimated by three analysts on average. Revenue- Americas Building Solutions: $1.68 billion versus $1.70 billion estimated by three analysts on average. View all Key Company Metrics for CRH here>>> Shares of CRH have returned +21.8% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CRH PLC (CRH) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
San Francisco Chronicle
05-05-2025
- Business
- San Francisco Chronicle
CRH: Q1 Earnings Snapshot
DUBLIN 16, Ireland (AP) — CRH PLC (CRH) on Monday reported a loss of $94 million in its first quarter. The Dublin 16, Ireland-based company said it had a loss of 15 cents per share. Losses, adjusted for non-recurring costs, were 12 cents per share. The building material company posted revenue of $6.76 billion in the period. _____
