Favourable third-quarter results for CEMEX
Company reports 8% increase in sales and 2% rise in operating EBITDA in Q3 2018
CEMEX say like-for-like consolidated net sales increased by 8% during the third quarter of 2018, to US$3.7 billion, versus the comparable period in 2017. Operating EBITDA, also on a like-for-like basis, increased by 2% during the quarter, reaching US$704 million versus the comparable period in 2017.
CEMEX said the increase in quarterly consolidated net sales was due to higher product prices in most regions, as well as higher volumes in Mexico, the US, Europe and the Asia, Middle East & Africa regions.
Fernando A. Gonzalez, chief executive officer of CEMEX, said: ‘We are encouraged by our favourable results during the quarter, with top-line growth of 8% on a like-for-like basis, and operating EBITDA increasing by 2%.
‘These results were underpinned by healthy volume and pricing dynamics in our three core products in most of our portfolio. We are pleased with our operations in Mexico and the US, with strong growth in year-over-year volumes for our three core products and improved prices.
‘In our Europe region, prices continued to improve with growth in ready-mixed concrete and aggregates volumes. In addition, in our Asia, Middle East and Africa region we saw volumes and prices in the Philippines rising in the mid-single digits, as well as a double-digit increase in cement prices in Egypt.’
Mr Gonzalez (pictured) continued: ‘We also made progress on our ‘A Stronger CEMEX ’ plan. During the quarter we sold more than US$60 million in assets. We also reduced total debt plus perpetuals by US$254 million.’
‘On our cost-reduction efforts, we expect to implement our different initiatives by the end of this year so the full benefit of these actions is reflected in next year’s EBITDA.’