Building materials CRH said that sales for the first nine months of the year rose by 11% compared to the same time last year as it expects its earnings for the full year to be in excess of $5.25 billion.
In a trading update, CRH said its nine month sales rose to $22.8 billion, while EBITDA jumped by 15% to $3.9 billion
CRH reported good underlying demand and continued pricing progress across its key markets and said it has spent about $1.4 billion on 17 acquisitions so far this year.
It also agreed seven sales and asset disposal proceeds of about $0.4 billion.
CRH said the performance at its Americas Materials division was mainly driven by improved pricing as volume growth was impacted by inclement weather, while Europe Materials continued to benefit from improved activity levels in Eastern Europe and the United Kingdom (UK).
Its Building Products division delivered further growth in the third quarter against a strong prior year comparative, it added.
It also said its operations in Ireland benefited from increased demand against a prior year comparative which was impacted by Covid-19 related shutdowns.
Looking ahead to 2022, the world's second-biggest building materials supplier said it expects the positive underlying demand and pricing backdrop to continue despite an inflationary input cost environment.
"We are encouraged by the passing of the $1.2 trillion infrastructure package by the United States Congress, which significantly increases the commitment to future infrastructure investment in the US," the company said.
"We believe that this positive demand backdrop, together with the strength and resilience of our business model, leaves us well positioned to deliver further growth and value creation for all of our stakeholders," it added.
Albert Manifold, CRH's chief executive, said that the company continues to perform well with good underlying demand and pricing progress across its key markets.
"Our uniquely integrated and solutions-focused business model has supported further margin expansion across our businesses, while our strong cash generation and disciplined approach to
capital allocation provides further opportunities to create value for all of our stakeholders," the CEO said.
"Looking ahead to the remainder of the year, we expect to deliver another record performance for the group, with full-year EBITDA in excess of $5.25 billion," he added.
Shares in the company moved higher in Dublin trade today.
