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Cemex Reports Solid Growth in Sales, EBITDA

Wed May 03, 2023 - National Edition #10

Cemex reported a 9 percent growth in sales and a 6 percent growth in EBITDA in the first quarter of 2023.

The strong results are attributable to pricing, decelerating input cost inflation and contributions from the company's growth investments and the Urbanization Solutions business. EBITDA margin showed significant sequential improvement, with a 1.9 percentage points increase.

"I am quite pleased with our first quarter growth achieved against a backdrop of challenging weather in our footprint in the U.S. and a strong prior year comparison base," said Fernando A. González, CEO of Cemex.

"I believe this quarter marks an important inflection point in our mission to recover 2021 margins and compensate for the steep cost inflation we've experienced over the past two years. Importantly, our pipeline of growth investments and our Urbanization Solutions business were a significant contributor to EBITDA growth. And, of course, we never lose sight of our decarbonization roadmap, with our Future in Action program resulting in a 3 percent decline in CO2 emissions versus the first quarter of 2022."

Cemex's Consolidated 2023 First Quarter Financial, Operational Highlights
  • Net Sales increased 9 percent to $4,036 million.
  • Operating EBITDA increased 6 percent to $733 million.
  • Operating EBITDA margin of 18.2 percent, with a strong sequential improvement of 1.9pp and the lowest year-over-year margin decline in five quarters.
  • Free Cash Flow after Maintenance Capital Expenditures was negative $55 million, a year-over-year improvement of $120 million.
  • Year-over-year reduction of 3 percent in CO2 levels.
  • Issued $1 billion of subordinated perpetual notes, the first of its kind in the industry, accelerates the path towards investment grade.
  • Leverage ratio at 2.62x, a reduction of 0.22x versus fourth quarter of 2022. (As calculated under Cemex's main debt agreements)
  • EBITDA growth of 34 percent in Urbanization Solutions business.
  • Incremental EBITDA contribution of $40 million from growth investments and Urbanization Solutions.
Geographical Markets 2023 First Quarter Highlights
  • Net Sales in Mexico increased 13 percent in the first quarter, to $1,097 million, while Operating EBITDA increased 9 percent to $344 million. Sequential EBITDA margin improved 4.7pp to 31.4 percent.
  • Cemex's operation in the United States reported record EBITDA (On a reported basis since 2006) with a growth of 15 percent, despite significant weather challenges impacting most markets. Net Sales increased 5 percent to $1,255 million. EBITDA Margin increased 1.5pp to 18.3 percent while improving sequentially for the third straight quarter.
  • In the Europe, Middle East, Africa and Asia region, Net Sales increased 14 percent in the First Quarter, to $1,234 million. Operating EBITDA was $148 million, 15 percent higher. EBITDA Margin of 12.0 percent was down 0.3pp.
  • Cemex's operations in South, Central America and the Caribbean region, reported Net Sales of $411 million in the First Quarter, an increase of 4 percent. Operating EBITDA decreased 21 percent to $84 million. EBITDA Margin declined 5.9pp, to 20.4 percent. Decreases in EBTIDA and EBITDA Margin are mainly attributable to higher energy and maintenance costs and lower cement volumes.

Note: All percentage variations related to Net Sales and EBITDA are on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations compared to the same period of last year.

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