CRH scales back profit guidance

Building materials giant CRH has scaled back its earnings forecast this year on the back of ongoing weakness in Europe and Hurricane Sandy disrupting its operations in eastern America.

Building materials giant CRH has scaled back its earnings forecast this year on the back of ongoing weakness in Europe and Hurricane Sandy disrupting its operations in eastern America.

After a flat like-for-like (LFL) sales performance in the first half, with an 8% increase in the Americas being offset by a 5% decline in Europe, CRH experienced "much lower growth in our Americans operations and a higher rate of decline in Europe" in the third quarter. As such, group LFL sales declined by 3% and were down a total 1% for the first nine months of they year.

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