CRH(CRH) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2024 were $8.9 billion, a 2% increase from Q4 2023, while full year revenues reached $35.6 billion, also up 2% year-over-year[3][8] - Net income for Q4 2024 was $0.7 billion, a 24% increase compared to Q4 2023, with full year net income at $3.5 billion, reflecting a 15% growth[3][8] - Adjusted EBITDA for Q4 2024 was $1.8 billion, a 12% increase year-over-year, with full year Adjusted EBITDA at $6.9 billion, also up 12%[3][8] - Basic earnings per share rose by 16% to $5.06, driven by improved operating performance and higher gains from asset disposals[52] - Net income for the year 2024 was $3,521 million, representing a 14.6% increase compared to $3,072 million in 2023[67] - Adjusted EBITDA for the year 2024 was $6,930 million, up 12.2% from $6,176 million in 2023[74] - Operating income for 2024 increased to $4,925 million from $4,186 million in 2023, reflecting a growth of 17.7%[80] - The company reported a net income margin of 9.9% for the year 2024, up from 8.8% in 2023[74] Acquisitions and Investments - The company completed 40 acquisitions in 2024 for a total consideration of $5.0 billion, significantly higher than $0.7 billion in 2023[9][10] - The largest acquisition in 2024 was a $2.1 billion purchase of cement and readymixed concrete assets in Texas[10] Future Outlook - For FY 2025, the company expects net income between $3.7 billion and $4.1 billion, and Adjusted EBITDA between $7.3 billion and $7.7 billion[5][23] - Positive underlying demand is anticipated in 2025, supported by significant public investment in infrastructure and ongoing re-industrialization activities[19][20] - The company plans to host a conference call on February 27, 2025, to discuss 2024 results and the outlook for 2025[57] Shareholder Returns - The company plans to increase its quarterly dividend to $0.37 per share, a 6% year-over-year increase, and has initiated a new $0.3 billion share buyback program[5][16][17] Segment Performance - The Americas Materials Solutions segment reported total revenues of $16.2 billion for FY 2024, a 5% increase from the previous year, driven by price increases and acquisitions[29] - Total revenues for Essential Materials increased by 5% year-over-year, driven by aggregates and cement pricing, which rose by 10% and 8%, respectively[30] - Adjusted EBITDA for Americas Materials Solutions reached $3.7 billion, 22% higher than the previous year, with an 18% organic growth[32] - Americas Building Solutions reported total revenues of $7,059 million for 2024, a 1% increase from 2023, while organic revenues were 2% lower[36] - Adjusted EBITDA for Americas Building Solutions was $1,389 million, a 4% decrease from 2023, with a margin of 19.7%[36] - International Solutions' total revenues for 2024 were $12,340 million, a 1% decline from the prior year, with organic revenues down by 4%[44] - Adjusted EBITDA for International Solutions increased by 7% to $1,796 million, with an adjusted EBITDA margin of 14.6%[44] Debt and Cash Flow - Total debt increased to $14.0 billion by the end of 2024, up from $11.6 billion in 2023, reflecting acquisitions and cash returns to shareholders[54] - Net cash provided by operating activities remained stable at $5.0 billion, consistent with the previous year[53] - Cash and cash equivalents decreased to $3,720 million at the end of 2024, down from $6,341 million at the end of 2023[66] - Long-term debt increased to $10,969 million in 2024, compared to $9,776 million in 2023[66] - Net Debt rose significantly to $10,532 million in 2024, compared to $5,406 million in 2023, highlighting increased leverage[84] Asset Management - Segment assets increased to $45,534 million in 2024 from $38,868 million in 2023, a rise of 17.2%[80] - Total assets reported in the Consolidated Balance Sheets increased to $50,613 million in 2024 from $47,469 million in 2023[80] - Average net assets for 2024 were $32,865 million, up from $29,706 million in 2023, reflecting a growth of 7.3%[80] Sustainability Initiatives - The company is committed to reducing absolute carbon emissions by 30% by 2030, focusing on innovative solutions and sustainability[18] Impairments - The company incurred a loss on impairments of $161 million for the year 2024, consistent with the previous year[67] - The total impairment loss for 2024 was $161 million, compared to $357 million in 2023, indicating a reduction in impairment charges[80]