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CEMEX report third-quarter results

CEMEX say consolidated net sales in the third quarter of 2010 decreased by 2%, to approximately US$3.8 billion, and operating EBITDA decreased by 13%, to US$649 million, compared with the comparable period in 2009.

During the quarter, consolidated cement sales volumes increased by 2%, while ready-mixed concrete and aggregates sales volumes both decreased by 3%.

According to CEMEX, lower sales in the quarter were primarily attributable to a reduced contribution mainly from the company’s US and European operations, partially mitigated by a higher contribution from its Mexican operations.

In Mexico net sales increased by 14% in the third quarter, to US$868 million, compared with US$761 million in the third quarter of 2009, while operating EBITDA decreased by 3% to US$286 million.

Operations in the US reported net sales of US$683 million in the third quarter, down by 9% from the same period in 2009, while operating EBITDA saw a loss of US$2 million in the quarter.

In Europe, net sales for the quarter decreased by 9% to US$1.4 billion, compared with US$1.5 billion in the third quarter of 2009. Operating EBITDA decreased by 22%, to US$193 million, from US$249 million in the third quarter of 2009.

CEMEX’s operations in South/Central America and the Caribbean reported net sales of US$366 million during the third quarter of 2010, representing a decline of 3% over the same period of 2009. Operating EBITDA decreased 20% to US$108 million, from US$135 million in 2009.

Third-quarter net sales in Africa and the Middle East were US$246 million, down 4% from the same quarter of 2009, while operating EBITDA increased by 18% to US$103 million for the quarter.

Operations in Asia reported a 9% increase in net sales, to US$124 million, for the third quarter, while operating EBITDA was down 8% at US$29 million, compared with the same period the previous year.

Commenting on the results, Fernando A. Gonzalez, CEMEX’s executive vice-president of planning and finance, said: ‘Despite the still challenging business environment in some of our key markets, we believe that economic conditions in most of our geographies have stabilized and/or bottomed out, with the fourth quarter likely to be an inflection point for our trailing 12 months consolidated EBITDA.

‘We continue to adapt our operations to the prevailing market conditions, and remain focused on our short-term priority of reducing debt.’

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