Cemex reports third quarter 2014 results

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Mexico: Cemex has announced that its consolidated net sales reached approximately US$4.1bn during the third quarter of 2014, an increase of 4% on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, versus the comparable period in 2013. On a like-for-like basis, operating earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 3% during the quarter to US$767m versus the same period in 2013. The increase in consolidated net sales on a like-for-like basis was due to higher volumes in Mexico, the US and the South, Central America and the Caribbean and Asia regions, as well as higher prices of its products in most operations.

Net operating earnings before other expenses in the third quarter increased by 5% to US$491m. Operating EBITDA increased, on a like-for-like basis, by 3% during the quarter to US$767m. Cemex reported a narrower controlling interest net loss of US$106m during the third quarter of 2014, from a loss of US$155m in the same period of 2013.

"We are pleased with the year-to-date trends in our consolidated volumes and prices, despite the more challenging economic conditions during the quarter, especially in Europe," said Fernando A González, CEO. "We continue to see favorable medium-term growth prospects for our regions, especially in the Americas, where we expect most of our mid-term EBITDA growth. We are comfortable with the steps taken so far towards attaining an investment-grade capital structure target both on the financial and operating side."

Net sales in Mexico increased by 4% in the third quarter of 2014 to US$803m compared with US$776m in the third quarter of 2013. Operating EBITDA decreased by 1% to US$245m versus the same period of 2013.

Cemex's operations in the US reported net sales of approximately US$1.0bn in the third quarter of 2014, up by 13% from the same period in 2013. Operating EBITDA increased by 74% to US$136m in the quarter versus US$78m in the same quarter of 2013.

In Northern Europe net sales for the third quarter of 2014 decreased by 3% to approximately US$1.1bn, compared with approximately US$1.2bn in the third quarter of 2013. Operating EBITDA was US$144m for the quarter, 11% lower than the same period of 2013.

Third-quarter net sales in the Mediterranean region were US$400m, 7% higher compared with US$375m during the third quarter of 2013. Operating EBITDA increased by 4% to US$81m for the quarter versus the comparable period in 2013.

Cemex's operations in South, Central America and the Caribbean reported net sales of US$585m during the third quarter of 2014, representing a decrease of 2% over the same period of 2013. Operating EBITDA decreased by 6% to US$199m in the third quarter of 2014, from US$210m in the third quarter of 2013.

Its operations in Asia reported a 9% increase in net sales for the third quarter of 2014 to US$151m, versus the third quarter of 2013 and operating EBITDA for the quarter was US$40m, up by 11% from the same period of 2013.

Last modified on 28 October 2014

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