NEW YORK - CRH plc (NYSE:CRH), a global leader in building materials solutions with a market capitalization of nearly $70 billion, has announced the appointment of Alan Connolly as Interim Chief Financial Officer, effective January 1, 2025. The company, which has delivered an impressive 50% return year-to-date according to InvestingPro data, maintains a strong financial position with a "GREAT" overall health score. The announcement comes as part of a planned leadership transition, with current CFO Jim Mintern set to take over as Chief Executive Officer on the same date.
Connolly, a seasoned Chartered Accountant, brings over thirty years of experience within CRH, having served in various senior finance roles throughout the company's European and Americas operations. His most recent position was Director of Strategic Finance, and his extensive track record includes roles such as Finance and Performance Director of Europe Materials, CFO of Global Building Products, and Director of Group Finance. Prior to his tenure at CRH, Connolly worked as an auditor at KPMG.
The process to find a permanent CFO is ongoing, with the assistance of an independent recruitment consultant, considering both internal and external candidates. This search follows the company's announcement on September 24, 2024, regarding Mintern's upcoming role as CEO.
Mintern, who will soon helm CRH, praised Connolly's expertise and familiarity with the company's business and financials. "Alan and I have worked closely together on key finance initiatives," Mintern stated, expressing confidence in their continued partnership to execute the company's strategy and enhance shareholder value.
CRH is recognized for its significant presence in the building materials industry, with approximately 78,500 employees across 3,390 operating locations in 28 countries. The company's robust performance is reflected in its strong financials, with an EBITDA of $6.5 billion in the last twelve months. InvestingPro analysis reveals 14 key investment tips for CRH, including consistent dividend growth and strong price momentum. The company holds market leadership positions in North America and Europe and is noted for its contributions to transportation, utility infrastructure projects, and sustainable construction. CRH is also acknowledged by ESG rating agencies as a sector leader and is listed on both the NYSE and LSE. With a current analyst consensus recommendation of 1.64 (Strong Buy) and trading near its 52-week high of $104.23, investors can access detailed valuation metrics and comprehensive analysis through InvestingPro's exclusive research reports, available for over 1,400 US-listed companies.
The information in this article is based on a press release statement from CRH plc.
In other recent news, CRH plc reported a robust financial performance for Q3 2024, with total revenues increasing by 4% to $10.5 billion and adjusted EBITDA rising by 12% to $2.5 billion. The company's earnings per share also saw a 10% growth compared to the previous year. These results were attributed to effective cost management, positive pricing momentum, and strategic acquisitions, including a significant $2.1 billion acquisition in Texas. Additionally, CRH plc declared a new quarterly dividend of $0.35 per share, marking a 5% annual increase.
The company also reaffirmed its full-year adjusted EBITDA guidance of $6.87 billion to $6.97 billion, and projected net income between $3.78 billion and $3.85 billion. In a recent development, JPMorgan increased its price target for CRH plc to $116.00, maintaining its Overweight rating on the stock, based on the company's strong operational performance.
Furthermore, Oldcastle Infrastructure, a subsidiary of CRH Company, expanded its manufacturing capabilities in Northern California through the acquisition of Cook Concrete Products. This acquisition is expected to enhance Oldcastle Infrastructure's product and service offerings, and strengthen its presence in Northern California, Oregon, and Nevada. Lastly, CRH announced the retirement of Albert Manifold, with Jim Mintern set to take over as CEO.
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