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CEMEX reports double digit growth in sales, increased EBITDA

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World Cement,

All regions contributed to solid growth in sales.

  • Consolidated cement prices grew double-digit.
  • Expanding EBITDA led by growth in EMEA region.
  • Strong underlying demand conditions with robust volume growth in US and Europe.
  • Reduction of 4% in CO2 emissions versus same quarter of 2021.
  • EBITDA outlook maintained, expecting mid-single digit growth for 2022.

CEMEX has announced strong results for the first quarter of 2022, with consolidated Net Sales and EBITDA growing 13% and 3%, respectively, on a year-over-year basis, despite a challenging cost environment. The growth was led by a 12% increase in cement prices in like-to-like terms, 8% in ready-mix, and 7% in aggregates, with all regions contributing to pricing gains. CEMEX’s Developed Market portfolio continued to enjoy strong demand dynamics, with cement and ready-mix volumes growing high single to double-digits. CEMEX maintained its 2022 EBITDA outlook, projecting midsingle digit growth.

CEMEX’s Consolidated 2022 First Quarter Financial and Operational Highlights.

  • Net Sales increased 13% to US$3770 million.
  • Operating EBITDA increased 3% to US$691 million.
  • Operating EBITDA margin declined by 1.7pp year-over-year with a sequential margin improvement.
  • Free Cash Flow after Maintenance Capital Expenditures was negative US$175 million, due primarily to higher investment in working capital and maintenance CAPEX.
  • On a like to like basis, adjusting for an extraordinary gain on sale of assets in 2021, Controlling Interest Net Income tripled to US$198 million.

“We are quite pleased with our first quarter performance despite the unprecedented global macro challenges. Against the backdrop of the worst inflation headwinds in more than 40 years, we achieved strong pricing traction across our products. Given the tight supply/demand dynamics in most of our markets, we are optimistic that we can recover input cost inflation. In addition, our diversified energy, supply chain, and Climate Action strategies are paying off and helping us respond to energy cost pressures.” said Fernando A. González, CEO of CEMEX. “We are making significant progress on our climate action efforts, pushing the boundaries on innovation – introducing new sustainable products and developing breakthrough decarbonisation technologies. Our performance gives me great confidence that we can reach not only our 2030 climate goal but also our Net Zero ambition.”

Geographical Markets 2022 First Quarter Highlights

In the Europe, Middle East, Africa and Asia region, Net Sales increased 14% in the first quarter, to US$1185 million. Operating EBITDA was US$145 million for the quarter, 33% higher.

CEMEX’s operations in the United States reported Net Sales of US$1196 million in the first quarter, an increase of 18%. Operating EBITDA increased 2% to US$200 million in the first quarter.

Net Sales in Mexico increased 5% in the first quarter, to US$881 million. Operating EBITDA decreased 6% in first the quarter, to US$286 million.

CEMEX’s operations in the South, Central America and the Caribbean region, reported Net Sales of US$416 million in the first quarter, an increase of 9%. Operating EBITDA decreased 3% to US$109 million in the quarter.

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