CEMEX report second-quarter results

Net sales and EBITDA reflect higher prices and improvements in volume in several regions

CEMEX have announced that consolidated net sales reached US$3.9 billion during the second quarter of 2012, an increase of 1% on a like-to-like basis for ongoing operations and adjusting for currency fluctuations, compared with the comparable period in 2011.

Operating EBITDA increased by 11% during the quarter, to US$702 million, and on a like-to-like basis, by 22%, compared with the same period in 2011. Operating EBITDA margin grew by 3 percentage points on a year-over-year basis to reach 18.2%.

According to CEMEX, the infrastructure and residential sectors were the main drivers of demand in most markets.

CEMEX’s operations in the US reported net sales of US$795 million in the second quarter of 2012, up 15% from the same period in 2011. Operating EBITDA increased to US$27 million in the quarter, versus a loss of US$17 million in the same quarter of 2011.

CEMEX’s operations in South, Central America and the Caribbean reported net sales of US$529 million during the second quarter of 2012, representing an increase of 20% over the same period of 2011. Operating EBITDA increased 58% to US$189 million in the quarter, from US$120 million in the second quarter of 2011.

Operations in Asia reported a 10% increase in net sales for the second quarter of 2012, to US$142 million, versus the second quarter of 2011, and operating EBITDA for the quarter was US$30 million, up 35% from the same period last year.

Fernando A. González, executive vice-president of finance and administration, said: ‘We are pleased with our 22% growth in operating EBITDA, on a like-to-like basis, on the back of a 1% percent growth in consolidated net sales. This is the highest EBITDA generation since the third quarter of 2009 and the fourth consecutive quarter with a year-over-year EBITDA increase.

‘Our operating EBITDA margin increased by 3 percentage points and was the highest in almost three years, reflecting an improvement in pricing and volume in several of our regions, as well as the continued success of our transformation effort. We are particularly pleased with the quarterly performance of our operations in the US, South, Central America and the Caribbean and Asia regions.’

Meanwhile, in Northern Europe, net sales for the second quarter of 2012 decreased 18% to US$1,100 million, compared with US$1,345 million in the second quarter of 2011, while operating EBITDA was US$122 million for the quarter, 19% lower than the same period last year.

Likewise, second-quarter net sales in the Mediterranean region were US$384 million, 20% lower compared with US$477 million during the second quarter of 2011. Operating EBITDA decreased 23% to US$96 million for the quarter versus the comparable period in 2011.