CRH PLC (LSE:CRH) reiterated it expects profits this year to be a record though raw material inflation pressures meant growth slowed in its latest quarter.
Underlying profits jumped by 15% to US$3.9bn in the nine months to end September 2021, but tougher comparatives meant the improvement slowed to 4% in the third quarter from 19% in the first half.
All divisions improved, said the Ireland-based builders' supplies group, with nine-month sales up by 11% to US$22.8bn.
Margins also ticked up, which reflected strong volume growth, a focus on price improvement and cost-cutting to offset the rising cost of materials.
The Americas were especially strong, it said, driven by improved pricing as volume growth was impacted by inclement weather, while Europe continued to benefit from improved activity levels in Eastern Europe and the UK.
CRH welcomed the US$1.2trn infrastructure package signed off by US President Biden and said going into 2022 it expects the positive underlying demand and pricing backdrop to continue albeit against "an inflationary input cost environment".
For 2021 overall, CRH said it expects to announce record underlying profits of US$5.25bn.