CEMEX second-quarter results
CEMEX S.A.B. de C.V. have announced that consolidated net sales decreased by 3% in the second quarter of 2010 to approximately US$3.8 billion, compared with the comparable period in 2009, while operating EBITDA decreased 13% to US$664 million over the same period.
Consolidated ready-mix and aggregates sales volumes were down by 5% and 4%, respectively, in the second quarter of 2010, while cement sales volume increased by 3% compared with the same period in 2009.
According to CEMEX, the lower sales in the quarter were primarily attributable to a lower contribution from the company’s US and European operations, while the infrastructure and residential sectors were the main drivers of demand in most markets.
In Europe, net sales for the quarter decreased by 10% to US$1.3 billion, compared with US$1.5 billion in the second quarter of 2009, while operating EBITDA decreased 22% to US$158 million (2009: US$204 million).
Operations in the US reported net sales of US$684 million in the second quarter of this year, down 8% from the same period in 2009, while operating EBITDA decreased 76% to US$17 million (2009: US$70 million).
Meanwhile, operations in Asia reported a 17% increase in net sales to US$142 million, compared with the second quarter of 2009, while operating EBITDA was up 21% to US$40 million.
Fernando A. Gonzalez, executive vice-president of planning and finance, said: ‘During this quarter we continued to make significant progress in our objective of reducing our debt. To this end, we paid close to US$650 million of our debt ahead of schedule.
‘Also, despite the prevailing headwinds, we believe that economic conditions in most of our markets have stabilized or reached inflection points, as evidenced by positive cement sales volume performance in several of our markets.
‘Our ongoing cost-reduction and rightsizing efforts throughout our operations will allow us to take advantage of the economy as it recovers.’