CEMEX announce 2010 results
Consolidated net sales up 1% in fourth quarter but down 3% for the full year, compared with 2009
CEMEX, have announced a 1% increase in consolidated net sales in the fourth quarter of 2010 to US$3.5 billion (£2.1 billion), and a decrease of 3% for the full year to US$14.1 billion (£8.7 billion), compared with the comparable periods in 2009.
Operating EBITDA increased 2% in the fourth quarter of 2010 to US$482 million (£300 million) but decreased 13% for the full year to US$2.3 billion (£1.4 billion). Operating income in the fourth quarter of 2010 increased 28%, to US$125 million (£78 million), from the comparable period in 2009, and decreased 27%, to US$856 million (£533 million), for the full-year 2010.
According to CEMEX, the increase in consolidated net sales in the fourth quarter of 2010 was due to a higher overall contribution, with lower sales from the US (down 5%) and Europe (down 15%) being offset by increases in other geographical markets, specifically the company’s Mexican operations (up 25%).
The infrastructure and residential sectors were said to be the main drivers of demand in most of the company’s markets.
Commenting on the results, Fernando A. Gonzalez, executive vice-president of planning and finance, said: ‘Despite the still challenging building materials demand environment in key CEMEX markets, we were pleased to deliver EBITDA growth in the fourth quarter. This marks an important inflection point in our performance.
‘We remain focused on right-sizing our business as necessary, reducing our debt and proactively addressing our refinancing needs. The actions we have taken to adapt to market conditions have strengthened our business and better position us to benefit from the potential recovery in some of our key markets in 2011.’