Cemex announced that consolidated net sales reached US$4.2 billion during 2Q14, an increase of 4% compared to the same period in 2013.
Operating EBITDA increased by 1% during the quarter to US$737 million versus 2Q13.
Financial and operational highlights
- The increase in consolidates net sales was due to higher prices of Cemex products in local currency terms across most of the company’s operations, as well as higher volumes in the US, the Mediterranean, South and Central America, the Caribbean and Asia.
- Operating earnings before other expenses in 2Q14 increased by 1% to US$456 million.
- Operating EBITDA increased during the quarter by 1% to US$737 million. On a like-to-like basis and adjusting for business days, operating EBITDA increased by 3% during 2Q14, compared to the comparable period in 2013.
- Controlling interest net income was US$76 million during 2Q14, the company’s first reported quarterly profit since 2009.
- Free cash flow after maintenance capital expenditures for the quarter was US$63 million, compared with negative US$86 million in 2Q13.
Fernando A. Gonzalez, CEO, commented: “We are pleased with the year-to-date trends we have seen in volumes for our three core products and the continued success of our value-before-volume strategy. We expect improved performance from our Mexican operations during the second half of the year which should lead to stronger overall EBITDA generation for the full year 2014.”
Net sales in Cemex’s operations in Mexico decreased 4% in 2Q14 to US$816 million, compared with US$847 million in the second quarter of 2013. Operating EBITDA decreased by 1% to US$247 million versus the same period of last year.
Cemex’s operations in the United States reported net sales of US$957 million in the second quarter of 2014, up 10% from the same period in 2013. Operating EBITDA increased to US$119 million in the quarter, versus US$80 million in the same quarter of 2013.
In Northern Europe, net sales for 2Q14 reached US$1.1 billion, a 5% increase compared with the second quarter of 2013. Operating EBITDA was US$121 million for the quarter, 12% higher than the same period last year.
2Q14 net sales in the Mediterranean region were US$449 million, 12% higher compared with US$400 million during 2Q13. Operating EBITDA increased 6% to US$100 million for the quarter versus the comparable period in 2013.
South, Central America and the Caribbean
Cemex’s operations in South, Central America and the Caribbean reported net sales of US$562 million during 2Q14, remaining flat over the same period of 2013. Operating EBITDA decreased 16% to US$178 million in the second quarter of 2014, from US$211 million in the second quarter of 2013.
Operations in Asia reported a 2% decrease in net sales for 2Q14, to US$160 million, versus 2Q13, and operating EBITDA for the quarter was US$34 million, down 11% from the same period last year.
Adapted from press release by Katie Woodward
Read the article online at: https://www.worldcement.com/the-americas/18072014/cemex-posts-2q14-results-183/