CRH(US:CRH)2025-05-05 20:23Financial Performance - Total revenues for the first quarter of 2025 increased by 3% to $6.8 billion compared to the same period in 2024[100] - Net loss for the first quarter of 2025 was $98 million, a decrease of $212 million from a net income of $114 million in the first quarter of 2024[120] - Adjusted EBITDA for the first quarter of 2025 was $495 million, an increase of $50 million or 11% compared to the first quarter of 2024[100] - The gross profit margin for the first quarter of 2025 was 27.2%, a decrease of 50 basis points from 27.7% in the first quarter of 2024[111] - Selling, general and administrative expenses increased by 3% to $1.8 billion in the first quarter of 2025, primarily due to a 9% increase in labor costs[112] - The effective tax rate for the first quarter of 2025 was 40%, compared to an effective tax rate of (19%) in the first quarter of 2024[117] - Net income for Q1 2025 was $1.485 billion, compared to $1.050 billion for the same period in 2024[170] Revenue Breakdown - The Americas Materials Solutions segment reported total revenues of $2.2 billion, a 2% increase from the first quarter of 2024[124] - Total revenues for Road Solutions increased by 5%, with asphalt volumes up 4% and pricing up 3%[126] - Americas Building Solutions reported total revenues of $1,682 million, a 1% decrease from Q1 2024, with adjusted EBITDA down 7% to $287 million[128] - International Solutions achieved total revenues of $2,831 million, a 7% increase, and adjusted EBITDA rose by 22% to $149 million[132] - Essential Materials saw total revenues increase by 7%, with aggregates and cement volumes up 9% and 11%, respectively[133] - Road Solutions' total revenues were 11% ahead of the comparable period, with readymixed concrete volumes up 22%[134] Cash Flow and Debt - Net cash used in operating activities was $659 million for Q1 2025, a decrease of $53 million compared to Q1 2024[151] - Total short and long-term debt was $15.7 billion at March 31, 2025, up from $12.7 billion a year earlier[148] - Net Debt at March 31, 2025, was $12.7 billion, compared to $9.6 billion at the same time last year[148] - Net cash provided by financing activities was $1.1 billion for Q1 2025, compared to a net cash used of $0.2 billion in Q1 2024[154] - Proceeds from debt issuances in Q1 2025 were $3.0 billion, an increase of $1.2 billion compared to the same period in 2024[154] - Payments on debt in Q1 2025 were $1.5 billion, up from $0.7 billion in Q1 2024[154] - Dividends paid in Q1 2025 were $nil billion, compared to $0.8 billion in Q1 2024[154] - The company has $15.7 billion in short and long-term debt, with $1.4 billion maturing in Q2 2025[162] Investments and Acquisitions - Eight acquisitions were completed in the first quarter of 2025 for a total consideration of $0.6 billion, compared to $2.2 billion in the same period of 2024[101] - The company invested $0.6 billion in acquisitions during Q1 2025, a decrease of $1.6 billion from the same period in 2024[153] Market Outlook - The outlook for 2025 remains positive, with expectations of continued demand driven by public investment in infrastructure and resilient repair and remodel activity[103] Debt Management and Hedging - The company's debt ratings as of March 31, 2025, were BBB+ from S&P and Fitch, and Baa1 from Moody's, all with a stable outlook[161] - As of March 31, 2025, the company had fixed rate debt of $13.9 billion (87%) and floating rate debt of $2.1 billion (13%), compared to $10.8 billion (76%) and $3.5 billion (24%) as of December 31, 2024[181] - The impact of a 100bps increase in interest rates on the variable rate cash and debt portfolio would be approximately $12 million favorable as of March 31, 2025, compared to $2 million favorable at December 31, 2024[182] - The gross notional amount of the company's foreign exchange forward contracts was $3.4 billion at March 31, 2025, down from $4.6 billion at December 31, 2024[184] - A 10% weakening in foreign currency exchange rates versus the U.S. Dollar would increase the fair market value of foreign currency contracts by approximately $24 million as of March 31, 2025[185] - The company manages commodity price risks through negotiated supply contracts and forward contracts to mitigate the impact of price volatility in oil, electricity, coal, and carbon credits[186] - The company has derivative hedging programs in place to neutralize variability arising from changes in commodity indices, with a timeframe of up to four years[187] - The company may enter into foreign exchange forward contracts to hedge against exchange rate fluctuations on cash flows denominated in foreign currencies[184] - The company maintains net debt in the same relative ratio as capital employed to act as an economic hedge against currency asset fluctuations[184] Cash and Liquidity - Cash and cash equivalents at March 31, 2025, were $3.4 billion, compared to $3.8 billion at December 31, 2024[181] - The company's interest rate swaps to convert fixed rate debt to floating rate debt were $1.4 billion as of March 31, 2025, unchanged from previous periods[181] - As of March 31, 2025, the company had a $4.0 billion U.S. Dollar Commercial Paper Program, with $0.1 billion outstanding[159] - The company issued $1.25 billion of 5.125% Senior Notes due 2030 and $1.25 billion of 5.500% Senior Notes due 2035 in January 2025[156]