CRH 1Q17 results impacted by winter weather
Published by Jonathan Rowland,
Editor
World Cement,
CRH reported a fall in like-for-like sales in 1Q18 of 2%, the Irish multinational said in its latest trading update. In Europe, a recovery in some key markets was offset by prolonged winter weather and the time of the Easer Holidays, which fell in the second quarter last year. In the Americas, weather also depressed performance in a number of key regions, despite the underlying economic and business environment remaining positive.
In the company’s European Heavyside business – which includes CRH’s European cement assets – like-for-like sales were 3% down on 1Q17. Most regions were down due to adverse weather, although there was an increase in cement volumes in Switzerland, Denmark and Finland, while Dutch volumes were also ahead on continued growth in the residential sector.
Despite the challenging conditions, the company reported price increases in the UK, France, Germany, Ireland, Poland, Ukraine and Romania.
In the Americas, “harsh winter weather impacted performance and like-for-like sales for our American operations in the first quarter were 3% behind 1Q17,” the company said. Cement volumes held up better that other products, however, remaining in line with 1Q17. The recently-acquired Suwannee American Cement also performed “in line with expectations.”
In Asia, cement volumes were behind on 1Q17 with like-for-like sales down 5%. Pricing was however ahead of 1Q17.
Read the article online at: https://www.worldcement.com/europe-cis/30042018/crh-1q17-results-impacted-by-winter-weather/
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