CEMEX reports first-quarter 2015 results

CEMEX, S.A.B. de C.V., has announced an increase of 7% versus the comparable period in 2014 with a consolidated net sales of US$3.4 billion during the first quarter of 2015. Operating EBITDA increased by 6% during the quarter as well. The value rose to US$569 million versus the same period in 2014.

Fernando A. Gonzalez, Chief Executive Officer of CEMEX, said: “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. Cement demand from the infrastructure sector grew by 6%, marking an inflection point driven by increased public-works spending, while demand from the informal residential sector grew by 11% as a result of higher consumer confidence due to improvements in employment, disposable income and remittances.”

Consolidated Corporate Results

An improvement over a loss of US$293 million in the same period last year, the first quarter of 2015, controlling interest net income came in at a loss of US$149 million,

Total debt plus perpetual notes increased by US$417 million during the quarter.

Geographical Markets First-Quarter 2015 Highlights

Net sales in operations in Mexico increased 4% in the first quarter of 2015 to US$766 million, compared with US$737 million in the first quarter of 2014. Operating EBITDA increased by 4% to US$262 million versus the same period of last year.

CEMEX’s operations in the United States reported net sales of US$868 million in the first quarter of 2015, up 10% from the same period in 2014. Operating EBITDA increased to US$64 million in the quarter, versus US$28 million in the same quarter of 2014.

In Northern Europe, net sales for the first quarter of 2015 decreased 23% to US$701 million, compared with US$912 million in the first quarter of 2014. Operating EBITDA was US$36 million for the quarter, versus US$13 million the same period of last year. On a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, net sales remained flat and Operating EBITDA increased 80%, versus the same period of last year.

First-quarter net sales in the Mediterranean region were US$375 million, 9% lower compared with US$412 million during the first quarter of 2014. Operating EBITDA decreased 11% to US$73 million for the quarter versus the comparable period in 2014. On a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, net sales increased 2% and Operating EBITDA decreased 3%, in the same period.

CEMEX’s operations in South, Central America and the Caribbean reported net sales of US$468 million during the first quarter of 2015, representing a decrease of 13% over the same period of 2014. Operating EBITDA decreased 21% to US$148 million in the first quarter of 2015, from US$187 million in the first quarter of 2014.

Operations in Asia reported a 13% increase in net sales for the first quarter of 2015, to US$164 million, versus the first quarter of 2014, and operatingEBITDA for the quarter was US$37 million, up 43% from the same period last year.

Edited from various sources by Joseph Green

Read the article online at: https://www.worldcement.com/the-americas/23042015/cemex-reports-first-quarter-2015-results-741/