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Cemex Latam Holdings makes gains on higher prices

World Cement,

CEMEX Latam Holdings, S.A. has announced its 1Q13 results, revealing that consolidated net sales (after adjustments for fewer business days in the quarter) increased 3% y/y to US$383 million. Using the same adjustments, operating EBITDA was up 15% y/y to US$141 million. Results are given on a pro forma basis. The company attributed the growth to higher prices in local currency terms. Free cash flow after maintenance capital expenditures was US$51 million, while net operating earnings before other expenses increased 2% y/y to US$118 million. Controlling interest net income gained US$26 million in the quarter, while net debt was US$1.5 billion.

A particular regional highlight was Costa Rica, in which operating EBITDA was up 19% y.y to US$15 million and net sales increased 7% to US$35 million. In Colombia, operating EBITDA increased 4% y/y to US$87 million despite a 3% decrease in net sales. Similarly, in Panama, operating EBITDA rose 4% to US$34 million, though net sales were down 6%.

Carlos Jacks, CEO of CLH, said, “We continue delivering strong results as evidenced by our 15% growth in operating EBITDA on a comparable basis, as well as by the margin expansion of 3.5 percentage points in operating EBITDA margin during the quarter. We continue to expect a solid macroeconomic outlook and favourable industry fundamentals in our region that will translate into increased consolidated volumes. We are well-positioned to capture this growth, supported by our customer solutions strategy for the different segments which we serve.”

Adapted from press release by Katherine Guenioui.

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