Cemex up on US, Mexico and Asia
By Chris Sleight27 April 2015
Cemex’s sales for the first quarter of the year came to US$ 3.4 billion, a +7% increase on a like-for-like basis with the same period last year. Operating earnings before interest, tax, depreciation and amortisation (EBITDA) were up +6% to US$ 569 million. The company added that on a like-for-like basis, EBITDA was up +14%.
Cemex said the increase in revenues and profit was due to higher prices in local currency terms, as well as higher volumes in Mexico, the US and Asia.
CEO Fernando A. Gonzalez commented, "We are pleased with our first-quarter results. Our net sales increased by +7% while operating EBITDA improved by +14%, on a like-to-like basis. EBITDA generation was the highest since 2008, despite adverse currency fluctuations. EBITDA margin expanded by 1.8 percentage points.
“We are encouraged by the performance of our operations in Mexico, where first-quarter cement volumes grew by +13%, reaching the highest level in six years. This quarter, on top of the sustained increase in our volumes to the industrial-and-commercial and formal residential sectors, we also saw growth in the infrastructure and informal residential sectors."
Elsewhere in the world, Cemex said revenues in the US were up +10% in the first quarter, compared to the same period last year. Revenues in Asia, meanwhile were up +13%.
However, the company reported a decline in Sales in Northern Europe (-23%), the Mediterranean region (-9%) and Latin America excluding Mexico (-13%) in the first quarter of the year.