Contributions from acquisitions and strong commercial management more than offset the impact of divestitures and lower activity levels due to adverse weather in certain regions.
The Ireland-headquartered global building materials giant saw its Q3 2024 year-on-year revenues rise 4% to US$10.5 billion. Group net income of $1.4 billion (Q3 2023: $1.3 billion) was 5% ahead of the prior year, reflecting strong operating performance, gains on disposal of long-lived assets and a gain on the European Lime divestiture.
Adjusted EBITDA of $2.5 billion (Q3 2023: $2.2 billion) was 12% ahead due to the continued delivery of CRH's integrated solutions strategy, positive pricing, ongoing cost control and further operational efficiencies.
Albert Manifold, CRH Chief Executive, said: "Our third quarter results represent another strong performance with further growth in sales, profits and margins. Despite contending with adverse weather in the quarter, our differentiated solutions strategy continues to deliver industry-leading performance, while the strength of our balance sheet combined with our disciplined approach to capital allocation leaves us well-positioned to capitalise on the growth and value-creation opportunities that lie ahead. We are pleased to reaffirm our guidance midpoint for 2024, and looking ahead to 2025, we expect favourable underlying demand, positive pricing momentum and another year of progress for CRH."
During the three months ended September 30, 2024, CRH completed 12 acquisitions for a total consideration of $1.4 billion, compared with $0.4 billion in the same period of 2023. Americas Materials Solutions completed seven acquisitions, Americas Building Solutions completed three acquisitions, and Europe Materials Solutions completed two acquisitions.
Overall, during the nine months ended September 30, 2024, CRH completed 28 acquisitions for a total consideration of $3.9 billion, compared with $0.6 billion in the first nine months of the prior year. On July 1, 2024, CRH completed the acquisition of a majority stake in Adbri for a total consideration of $0.8 billion. Adbri is an integrated materials business with high-quality assets and leading market positions in Australia, complementing our core competencies in cement, concrete and aggregates and creating additional growth and development opportunities for our existing Australian business.
In a commentary released with its Q3 2024 trading results, CRH said: "Looking ahead to 2025 and notwithstanding some macroeconomic uncertainties, we expect positive underlying demand across our key end-use markets, underpinned by significant public investment in infrastructure and re-industrialization activity. A lower interest rate environment is expected to aid a gradual recovery in new-build residential construction activity. Through a combination of continued positive price momentum, favourable underlying demand, and the benefits of our integrated, value-based solutions strategy, we expect to make another year of progress in 2025."
