CEMEX, a global building materials company, has announced that, on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, consolidated net sales increased by 7% during the of 2Q18 to US$3.8 billion versus the comparable period in 2017. Operating EBITDA on a like-to-like basis increased by 4% during the 2Q18 to US$714 million versus the comparable period in 2017.
Financial highlights for the 2Q18 were as follows:
- The increase in quarterly consolidated net sales was due to higher prices of products, in local currency terms in all of our regions, as well as higher volumes in Mexico, the US, and our Europe and Asia, Middle East & Africa regions.
- Operating earnings before other expenses, net, in the second quarter increased by 8%, to US$504 million on a like-to-like basis.
- Controlling interest net income during the quarter was US$382 million from an income of US$288 million in the same period of 2017.
- Operating EBITDA on a like-to-like basis increased by 4% during the quarter compared to the same period in 2017, to US$714 million.
- Operating EBITDA margin during the quarter decreased to 18.8% from 19.5% in the same period of 2017.
- Free cash flow after maintenance capital expenditures for the quarter decreased by 26% to negative US$260 million, compared to the same quarter of 2017.
“We are encouraged by the very favourable volume dynamics we saw in most of our portfolio during the quarter, with improvements in pricing which should translate into higher profitability during the second half of the year," said Fernando A. Gonzalez, Chief Executive Officer of CEMEX. "Our operations in the US and Europe indicate a strong sequential growth in volumes resulting from strong demand and pent-up activity after adverse weather conditions in the first quarter, as well as improved pricing dynamics. In Mexico, we are pleased with the year-over-year, double-digit growth in ready-mix and aggregates volumes and high-single-digit increase in prices. In addition, in our Asia, Middle East, and Africa region, we saw a high-single-digit growth in cement volumes in the Philippines and Egypt with favourable sequential pricing dynamics."
Read the article online at: https://www.worldcement.com/special-reports/30072018/cemexs-net-income-has-increased-during-the-second-quarter-by-32-on-a-year-over-year-basis/