CEMEX report 13% top-line growth in Q3
Third-quarter net sales growth driven by strong pricing but not yet sufficient for margin recovery
CEMEX announced today continued solid top-line growth, with third-quarter net sales growing 13% to US$3,956 million. Pricing was said to be the main driver with cement, ready-mixed concrete and aggregates all increasing by double digits.
EBITDA and EBITDA margin, however, continued to be impacted by persistent inflationary headwinds that outpaced the company’s pricing efforts. Operating EBITDA decreased 6% to US$649 million and operating EBITDA margin declined by 3.2 pp year over year.
On a regional basis, net sales in Mexico increased 9%, to US$948 million, whilst operating EBITDA decreased 12% to US$255 million.
CEMEX’s operations in the US reported net sales of US$1,324 million, an increase of 19%, and a 10% increase in operating EBITDA to US$197 million.
In the Europe, Middle East, Africa, and Asia region, net sales increased 16%, to US$1,252 million, and operating EBITDA was 8% higher at US$186 million.
CEMEX’s operations in the South, Central America, and the Caribbean region reported net sales of US$393 million, an increase of 2%, whilst operating EBITDA declined 11% to US$90 million.
‘Our pricing achievements this year have allowed us to more than offset inflationary costs in dollar terms, but stubbornly high inflation and supply chain headwinds have delayed our ability to regain margins,’ said Fernando A. González, chief executive officer of CEMEX.
‘We are, however, fully committed to margin recovery and will continue our efforts in the fourth quarter, as well as into 2023.’