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Cemex releases 2Q15 results

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World Cement,

Cemex has recently released its second quarter results. Within, the company has announced that during 2Q15 its consolidated net sales increased by 5% when compared to 2Q14, thereby reaching US$3.8 billion on a like-to-like basis for the ongoing operations and adjusting for currency fluctuation.

Increased consolidated net sales was due to increased product and operational prices, as well as improved volumes in most of Cemex’s products in Mexico, the US, Northern Europe and Asia.

Moreover, Cemex’s operating EBITDA increased by 1%, compared to 2Q14, to US$744 million. On a like-to-like basis, operating EBITDA increased by 13% in the same period. The increase was mainly due to higher contributions from the US, Mexico and Asia region.

Cemex’s Operating earnings before other expenses, net, increased by 9%, to US$496 million and free cash flow, after maintenance capital expenditures, for 2Q15 was US$102 million, compared with US$63 million in 2Q14.

Overall, Cemex’s improved by 50%, reaching a controlling interest net income of US$114 million, up from US$76 million in the same period last year.

Fernando A. Gonzalez, Chief Executive Officer of Cemex, said: “Our controlling interest net income during the quarter was the highest in six years. In addition, our operating EBITDA grew by 13% on a like-to-like basis. This is the third quarter with double-digit, like-to-like growth in EBITDA.” He continued: “We are pleased to announce that as of today we have commitments from 19 financial institutions to fully repay approximately US$1.94 billion outstanding under our Facilities Agreement maturing in February 2017.”

Adapted from press release by Joseph Green

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