UPDATE 2-Weather, costs hit CRH forecasts, shares down

Tue Nov 10, 2009 11:34am GMT
 
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* Expects year pretax profit of 730-760 million euros

* Trading conditions remain "extremely difficult"

* Detail on further cost cutting to come in January

* Shares down more than 3 percent

(Adds details, analyst and trader comment)

By Padraic Halpin

DUBLIN, Nov 10 (Reuters) - Irish building group CRH (CRH.I), the United States' leading asphalt producer, said poor weather and cost cuts would more than halve full-year profit, bringing its first forecast of the year below analysts' projections.

CRH said it would make a larger than anticipated dent in its three-year 1.45 billion euros ($2.17 billion) cost cutting plan in 2009, to leave profit before tax of between 730-760 million euros, sending its shares down more than 3 percent.

An average forecast of 14 analysts surveyed by Thomson Reuters I/B/E/S was for pretax profit before exceptional items for the year to Dec. 31 of 899.31 million euros, down from 1.63 billion euros in 2008.  Continued...

 

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