CEMEX announced last week that consolidated net sales reached US$3.6 billion during the third quarter of 2016, an increase of 4% on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, versus the comparable period in 2015. Operating Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased 22% on a like-to-like basis during the quarter, to US$780 million. Our CEO Fernando Gonzalez said: “During the third quarter, we continued to deliver strong underlying operational and financial results by remaining focused on the variables we can control.
The increase in consolidated net sales on a like-to-like basis was due to higher prices of our products, in local currency terms, in most of our operations, as well as higher volumes in Mexico and our European and Asia, Middle East & Africa regions.
- Operating earnings before other expenses, net, in the third quarter increased by 25%, to US$551 million.
- Controlling interest net income improved to US$286 million from a loss of US$44 million in the same period last year.
- Operating EBITDA increased during the quarter by 15% and, on a like-to-like basis, by 22% to US$780 million.
- Operating EBITDA margin grew by 3.2 percentage points on a year-over-year basis reaching 21.8%.
- Free cash flow after maintenance capex for the quarter was US$548 million, US$112 million higher than in the same period last year.
In Europe 3Q16 operating EBITDA increased by 5% on a like-to-like basis, with increases in year-to-date regional cement, ready-mix, and aggregates volumes. In the UK, the residential and infrastructure sectors were the main drivers of demand; additionally, cement volume reflects higher sales of cement blended with fly ash.”
Full details available at the CEMEX Investor Centre here: http://www.cemex.com/InvestorCenter/Reports.aspx