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Promising Cemex 3Q13 results as sales and EBITDA rise

Published by , Editor - Hydrocarbon Engineering
World Cement,

Cemex has announced that its net sales of building materials and cement reached US$4.0 billion during the quarter, increasing by 3% y/y. Operating EBITDA increased by 2% y/y during 3Q13 to US$747 million.

Cemex’s 3Q13 highlights

  • A rise in net sales was due to higher prices of Cemex products in local currency terms and higher volumes of products in most of its regions.
  • Net earnings in 3Q13 increased by 14% to US$467 million.
  • A narrower controlling interest net loss of US$155 million, compared to US$203 million in 3Q12.
  • Increase in operating EBITDA by 2% to US$747 million.

    Decrease in operating EBITDA margin by 0.2 percentage points y/y reaching 18.6%.

    Free cash flow for 3Q13 was US$245 million, compared to US$204 million in 3Q12.

3Q regional results

  • Mexico saw a decrease in net sales of 11% y/y from US$ 875 million in 3Q12 to US$776 million in 3Q13. EBITDA decreased by 21% y/y to US$248 million.
  • In the United States, net sales were up 8% in 3Q13 to US$891 million. EBITDA increased to US$78 million in 3Q13, compared to US$27 million in 3Q12.
  • Operations in Northern Europe reported net sales of US$1169 million, an increase of 6% y/y from US$1105 million in 3Q12. EBITDA rose by 14% y/y to US$162 million.
  • The Mediterranean region announced net sales of US$375 million, 9% higher compared with US$342 million in 3Q12. EBITDA decreased by 21% y/y to US$78 million.
  • The company’s operations in South, Central America and the Caribbean saw net sales of US$596 million in 3Q13, an increase of 15% y/y. EBITDA increased by 19% to US$210 million in 3Q13, compared to US$177 million in 3Q12.
  • In Asia, there was a 5% y/y increase in net sales to US$139 million. EBITDA was US$36 million in 3Q13, an increase of 27% y/y.

Commenting on the 3Q13 results, Fernando A. Gonzalez, Executive Vice President of Finance and Administration, said, “We are pleased to report continued growth in operating EBITDA y/y supported by the increase in our volumes in most of our regions and an increase in our consolidated prices in local currency terms for our three main products y/y. We continue to be focused on our companywide efforts to improve our operating efficiencies and the value we generate from our asset base while delivering better value to our customers.” He also went on to observe the new prospects for Cemex in Mexico as the federal government plans to invest in infrastructure and housing sectors.

Adapted from press release by Rosalie Starling

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