CEMEX pleased with first-quarter results

Consolidated net sales up 7% and operating EBITDA up 14% in first three months of 2015

CEMEX have reported that consolidated net sales reached US$3.4 billion during the first quarter of 2015, an increase of 7% on a like-to-like basis compared with the comparable period in 2014, largely due to higher product prices in most of the company’s operations, as well as higher volumes in Mexico, the US and Asia.

Operating EBITDA increased by 14% to US$569 million on a like-to-like basis during the first quarter, compared with the same period in 2014, while operating EBITDA margin grew by 1.8 percentage points on a year-over-year basis to reach 16.7%. On a like-to-like basis, operating earnings before other expenses in the first quarter increased by 33% to US$335 million.

Fernando A. Gonzalez (pictured), chief executive officer of CEMEX, said: ‘We are pleased with our first-quarter results. Our net sales increased by 7% while operating EBITDA improved by 14%, on a like-to-like basis. EBITDA generation was the highest since 2008, despite adverse currency fluctuations. EBITDA margin expanded by 1.8 percentage points.

‘We are encouraged by the performance of our operations in Mexico, where first-quarter cement volumes grew by 13%, reaching the highest level in six years.’

Net sales in CEMEX’s operations in Mexico increased 4% in the first quarter of 2015 to US$766 million, compared with US$ 737 million in the first quarter of 2014. Operating EBITDA increased by 4% to US$262 million versus the same period of last year.

Operations in the US reported net sales of US$868 million in the first quarter of 2015, up 10% from the same period in 2014, while operating EBITDA increased to US$64 million in the quarter, versus US$28 million in the same quarter of 2014.

In Northern Europe, net sales for the first quarter of 2015 decreased 23% to US$701 million, compared with US$912 million in the first quarter of 2014. Operating EBITDA was US$36 million for the quarter, versus US$13 million the same period of last year. On a like-to-like basis for ongoing operations and adjusting for currency fluctuations, net sales remained flat and operating EBITDA increased 80%, versus the same period of last year.

First-quarter net sales in the Mediterranean region were US$375 million, 9% lower compared with US$412 million during the first quarter of 2014. Operating EBITDA decreased 11% to US$73 million for the quarter versus the comparable period in 2014. On a like-to-like basis for ongoing operations and adjusting for currency fluctuations, net sales increased 2% and operating EBITDA decreased 3%, in the same period.
CEMEX’s operations in South, Central America and the Caribbean reported net sales of US$468 million during the first quarter of 2015, representing a decrease of 13% over the same period of 2014. Operating EBITDA decreased 21% to US$148 million in the first quarter of 2015, from US$187 million in the first quarter of 2014.

Operations in Asia reported a 13% increase in net sales for the first quarter of 2015, to US$164 million, versus the first quarter of 2014, and operating EBITDA for the quarter was US$37 million, up 43% from the same period last year.