11th Nov 2014 07:30
LONDON (Alliance News) - Building materials company CRH PLC Tuesday said its operating earnings and like-for-like sales grew in the third quarter, as growing demand in the US more than offset moderating markets in Europe, and it reiterated its forecast for earnings growth of about 10% in the whole of 2014.
In a statement, the company said like-for-like sales, which exclude acquisitions and disposals and currency movements, grew 3% in the third quarter. That helped pushed up earnings before interests and tax by 6% on the year, driven by 10% growth in the Americas.
Growth in the first half of the year had come mainly from Europe thanks to favorable weather that drove demand for building products. However, growth switched to the US in the third quarter, as the economic recovery drove construction demand.
CRH reiterated that it expects its earnings before interest, tax, depreciation and amortisation to grow about 10% on the year in 2014 as a whole.
It also said its planned EUR1.5 billion to EUR2 billion divestment programme is well underway and it expects to book proceeds from asset sales of about EUR0.4 billion this year.
By Steve McGrath; [email protected]; @stevemcgrath1
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