CEMEX fourth-quarter and full-year 2014 results

Consolidated net sales up 5% during fourth quarter of 2014 and up 6% for the full year

CEMEX have reported that, on a like-to-like basis, consolidated net sales increased by 5% during the fourth quarter of 2014, to approximately US$3.8 billion, and increased by 6% for the full year, to US$15.7 billion, compared with the comparable periods in 2013.

The company said the increase in consolidated net sales was due to higher product prices in most of its operations, as well as higher volumes in regions such as Mexico; the US; the Mediterranean; South, Central America and the Caribbean; and Asia.

Operating EBITDA on a like-to-like basis increased by 16% during the fourth quarter of 2014, to US$701 million, and increased 6% for the full year, to US$2.7 billion.

On a like-to-like basis, net operating earnings before other expenses in the fourth quarter increased by 31%, to US$443 million, and increased by 13%, to US$1.7 billion, for the full year 2014.

CEMEX also reported a narrower controlling interest net loss of US$178 million during the fourth quarter of 2014 versus a loss of U.S.$255 million in the same period last year. For the full year 2014 controlling interest net loss improved to US$507 million from a loss of US$843 million in 2013.

Fernando A. Gonzalez (pictured), chief executive officer, said: ‘We are pleased with the growth in volumes and local currency prices for our products in most of our regions, reflecting the continued positive outcome of our value-before-volume strategy.

‘We continue to improve our debt maturity profile and interest expense through our debt reduction of close to US$1.2 billion and our refinancing activities of approximately US$5 billion during the year.’