CRH cuts Q1 earnings estimate on the back of bad weather

Building materials giant CRH has said that its first-half earnings are likely to be slightly down on a year-on-year basis, but that its traditionally more significant second half should show growth; mainly driven by its Americas division.

In a trading update, released to coincide with the company’s annual general meeting yesterday, the group noted that the longer-than-anticipated winter conditions that engulfed most of the continent, drove sales in its European operations down by 12% — on an annualised basis — in the first four months of 2013.

Like-for-like sales for the same period were down by 2% in the Americas operation, was mainly due to bad weather conditions.