Cemex profit exceeds estimates with sales up in US and Mexico

Cemex reported second-quarter profit up, driven by sales increases in the US and Mexico, to beat analysts’ estimates.

Earnings before interest, taxes, depreciation and amortization climbed 6% to $771m, Cemex said in a statement today.

Cemex’s performance was boosted from greater volumes and higher prices for cement in the US – its biggest market –and in Mexico.

The company continued to lower its debt after an initial public offering of its Philippines unit in June. Net income climbed 81% to $205m.

“Our solid second quarter and first half 2016 results demonstrate the resilience of our portfolio, which is largely comprised of high-growth markets that are experiencing attractive supply-demand conditions,” said Fernando Gonzalez, chief executive, Cemex.

Sales dropped about 1% to $3.68b. Sales in the second quarter  in South America, Central America and the Caribbean fell 10%; European sales were down 2% ; sales in Asia, the Middle East and Africa dropped by 4%.

Cemex lowered its total debt plus perpetual notes to $14.8bn. Its free cash flow for the quarter was $422m, the highest in a second quarter since 2006.

(Visited 311 times, 1 visits today)

Get involved

Register

As a member of this site you will be able to receive aggregates news relating only to those categories that are most relevant to you, submit job listings for FREE, post questions in the Q&A, and more.

Register Now

Feature your company

The Feature Your Company listing is your custom-made (by us) profile page that allows you to add any of the following content: text, videos, links, images. The page will also be listed on the Featured Company landing page. Over 560 unique aggregates users visit the site per day! Complete the enquiry form now to contact us.

Contact us

Jobs

Are you looking for an aggregate related job? Click here to see our jobs listing supplied by industry experts United Employment.

See Jobs

Advertise

Reach thousands of budget holders and decision makers by promoting your company on the longest established aggregate website in the US & Canada. Or advertise in our emails which are sent to opted-in subscribers according to their chosen categories. All advertising will display correctly on tablets and mobiles as this site is responsive.