* Shares up almost 3 percent as FY earnings top 3.1 bln eur
* "Significant firepower" for deals as net debt tumbles-CEO
* Sees Trump infrastructure boost emerging in medium term
By Padraic Halpin
DUBLIN, March 1 Strong earnings growth and cash
generation last year drove shares in building materials group
CRH higher on Wednesday as it awaited a further,
medium-term boost to infrastructure under U.S. President Donald
Ireland's CRH is the United States' biggest producer of
asphalt for highway construction and third biggest supplier of
readymixed concrete and construction aggregates. North America
accounted for 60 percent of its full-year earnings last year.
In his first Congressional address on Tuesday, Trump
repeated a campaign promise of a $1 trillion infrastructure
programme but gave few specifics other than to say it would be
financed through both public and private channels.
"There's really a long tail on these, so whatever may evolve
with regard to future infrastructure spending, that's going to
evolve more in the medium term than the short term," CRH Chief
Executive Albert Manifold told Reuters in a telephone interview.
"We are the largest buildings materials business in North
America so we're well positioned to benefit in any uplift."
CRH's shares, which jumped to a nine-year high the day after
the U.S. election last November, were up 2.9 percent at 2,800
pence by 0825 GMT after it beat its net debt and earnings
forecasts for 2016.
The world's third-biggest building group's core earnings, or
earnings before interest, tax, depreciation and amortisation
(EBITDA), rose 10 percent year-on-year on a pro-forma basis to
3.13 billion euros ($3.30 billion). It had forecast that full
year earnings would be "in excess of" 3 billion euros.
That helped push its net debt to 1.7 times EBITDA, well
below a goal to reduce it to less than 2-times by year-end. Davy
Stockbrokers said such strong cash generation best placed it
among the sector to pursue further acquisitions.
CRH, transformed by a 6.5 billion euro acquisition of assets
from rivals Lafarge and Holcim in 2014, has already
doubled last year's spend by dishing out 500 million euros on
eight transactions since January, all in North America where it
sees continued momentum in construction.
($1 = 0.9494 euros)
(Editing by Louise Heavens)