CEMEX report first-quarter results
Company announces an 11% improvement in consolidated net sales for first three months of 2011
CEMEX have reported an 11% increase in consolidated net sales, to US$3.4 billion, in the first quarter of 2011, compared with the equivalent period in 2010. Operating EBITDA increased 1% in the first quarter of 2011, to US$519 million, versus the same period of 2010, while first-quarter operating income increased 16%, to US$172 million.
According to CEMEX, the increase in consolidated net sales was largely due to higher volumes from the company’s Mexican, European, and South/Central America and Caribbean operations, with infrastructure and residential sectors being the main drivers of demand in most markets.
Commenting on the results, Fernando A. González, executive vice-president of finance and administration, said: ‘Despite the still lingering effects of the economic downturn in a number of our key geographies, we are encouraged by the stabilization of important indicators in the construction materials business.
‘Consolidated domestic grey cement and aggregates volumes showed growth for the first time since the first quarter of 2007. We are pleased with the trend we have seen in our quarterly sales because this is the seventh consecutive quarter of top-line recovery in our results.’
Net sales in CEMEX’s Mexican operations increased 14% in the first quarter of 2011 to US$842 million, compared with US$742 million in the first quarter of 2010. Operating EBITDA increased 13% to US$292 million versus the same period of last year.
Operations in the US reported net sales of US$507 million in the first quarter, down 8% from the same period in 2010, while operating EBITDA was a loss of US$48 million in the quarter.
In Europe, net sales for the quarter increased 24% to US$1.2 billion, compared with US$947 million in the first quarter of 2010, and operating EBITDA was US$50 million for the quarter.
CEMEX’s operations in South/Central America and the Caribbean reported net sales of US$396 million during the first quarter of 2011, representing an increase of 8% over the same period of 2010. Operating EBITDA decreased 8% to US$117 million from US$126 million in the first quarter of 2010.
First-quarter net sales in Africa and the Middle East were US$248 million, down 6% from the same quarter of 2010, while operating EBITDA decreased 4% to U.S.$80 million.
Operations in Asia reported a 2% decrease in net sales for the quarter, to US$122 million, versus the first quarter of 2010, while operating EBITDA for the quarter was down 36% to US$21 million.