CEMEX net sales increase 13% in 3Q22
CEMEX reported solid and continued revenue growth in 3Q22. Net sales increased 13% to US$3,956 million while net profit reached US$494 million. Prices were the main driver with cement, ready mix and aggregates increasing by double digits.
“Our pricing achievements this year have allowed us to more than offset inflationary dollar costs, but stubbornly high inflation and supply chain headwinds have delayed our ability to regain margins. We are fully committed to recovering our margins and will continue our efforts in the fourth quarter, as well as in 2023,” said Fernando A González, CEO of CEMEX.
EBITDA and EBITDA margin continued to be impacted by persistent inflationary headwinds that overwhelmed the company’s pricing efforts. Operating EBITDA decreased 6% to $649m, while operating EBITDA margin decreased 3.2% year-on-year. Free cash flow after maintenance investments was $182 million.
Net sales in Mexico increased 1% to $948 million. Mexico operating EBITDA decreased 12% to $255 million. CEMEX’s US operations recorded net sales of $1,324 million, an increase of 19%. Operating EBITDA increased by 10% in the United States to reach $197 million. In the Europe, Middle East, Africa and Asia region, net sales increased 16% to $1,252 million. Operating EBITDA was $186 million, up 8%. CEMEX’s operations in South America, Central America and the Caribbean recorded net sales of $393 million, an increase of 2%. Operating EBITDA in the region decreased 11% to $90 million.
Published under Cement News