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Cemex notes improved performance in majority of markets

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World Cement,

Cemex achieved consolidated net sales of approximately US$4.1 billion in 3Q14, marking a 4% increase year on year on a like-for-like basis. Operating EBITDA similarly increased by 3% to US$767 million. The positive performance has been attributed to higher sales volumes in Mexico, the US and the South, Central America and the Caribbean and Asia regions. Higher product prices have also contributed.

Net operating earnings before expenses were up 5% to US$491 million. The group is also reporting a narrower controlling interest net loss of US$106 million in 3Q14 from a loss of US$155 million in the same period last year. Free cash flow after maintenance capital expenditures for the quarter was US$350 million, a 43% increase y/y. Total debt plus perpetual notes decreased by US$96 million.

In terms of geographical highlights, net sales in Mexico were up 4% at US$803 million while operating EBITDA decreased 1% to US$245 million. In the US, net sales were up 13% at approximately US$1 billion, while operating EBITDA was up 74% to US$136 million from US$78 million in 3Q13. In the Mediterranean region, net sales were up 7% at US$400 million, while operating EBITDA was up 4% y/y to US$81 million. Net sales were up 9% in Asia to US$151 million and operating EBITDA was up 11% at US$40 million.

The slightly weaker performing markets included Northern Europe, where net sales for 3Q14 decreased 3% to US$1.1 billion and operating EBITDA was 11% down at US$144 million. Cemex operations in South, Central America and the Caribbean decreased 2% y/y to US$585 million, while operating EBITDA decreased 6% to US$199 million.

Fernando A. González, Chief Executive Officer, said: “We are pleased with the year-to-date trends in our consolidated volumes and prices, despite the more challenging economic conditions during the quarter, especially in Europe.”

Adapted from press release by

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