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Cemex reports fourth quarter of growth

27 Oct 11 Net sales at Cemex were approximately US$3.9bn (£2.4bn) in the third quarter, an increase of 5% compared with the same period last year.

Operating earnings increased by 1% during the third quarter of 2011 to US$658m. The infrastructure and residential sectors were the main drivers of demand in most markets.

“This is the fourth consecutive quarter of top-line growth in our results,” said executive vice president of finance and administration Fernando A González. “We also saw stable consolidated pricing on a quarter-on-quarter basis in local-currency terms. We are particularly pleased with the quarterly performance of our operations in the Northern Europe and the South, Central American and Caribbean regions.”

In Northern Europe, net sales for the third quarter of 2011 increased 9% to US$1.3bn, compared with US$1.19bn in the third quarter of 2010. Operating EBITDA was US$170m for the quarter, 13% higher than the same period last year.

Cemex raised US$80m in asset sales during the first nine months of this year and expects to raise an additional US$100m to US$200m during the fourth quarter. “We estimate total proceeds from asset sales will reach US$1bn by the end of 2012,” he said.

Net sales in operations in Mexico decreased 1% in the third quarter to US$856 million. Operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) of US$285m was flat versus the same period of last year.

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Cemex’s operations in the United States reported net sales of US$713m. Operating EBITDA was a loss of US$10m in the quarter.

Third-quarter net sales in the Mediterranean region were US$424m, 5% lower than the third quarter of 2010. Operating EBITDA decreased 28% to US$104m for the quarter versus the comparable period in 2010.

Cemex’s operations in South/Central America and the Caribbean reported net sales of US$453m during the third quarter of 2011, representing an increase of 24% over the same period of 2010. Operating EBITDA increased 33% to US$144m.

Operations in Asia reported a 5% increase in net sales for the third quarter of 2011, to US$130m, and operating EBITDA for the quarter was US$20m, down 32% from the same period last year.

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