CEMEX, S.A.B. de C.V. announced today that consolidated net sales increased by 6 percent during the fourth quarter of 2011 to approximately $3.7 billion and increased 8 percent for the full year to $15.1 billion versus the comparable periods in 2010. Operating EBITDA increased by 13 percent during the fourth quarter of 2011 to $542 million and increased 1 percent for the full year to $2.3 billion versus 2010.
CEMEX's operations in the United States reported net sales of $682 million in the fourth quarter of 2011, up 19 percent from the same period in 2010. Operating EBITDA was a loss of $20 million in the quarter.
CEMEX's consolidated fourth-quarter and full-year 2011 financial and operational highlights include:
- The increase in consolidated net sales for the quarter was due to higher volume and price in local-currency terms mainly from operations in Northern Europe, South, Central America and the Caribbean, and the United States.
- The infrastructure and residential sectors were the main drivers of demand in most markets.
- Free cash flow after maintenance capital expenditures for the quarter was $374 million, up 51 percent compared with $248 million in the same quarter of 2010. For the full-year 2011, it was down 25 percent to $386 million.
- Operating income in the fourth quarter increased by 79 percent, to $224 million, from the comparable period in 2010 and increased 12 percent, to $960 million, for the full-year 2011.
Fernando A. Gonzalez, executive vice president of finance and administration, said, “This is the fifth consecutive quarter of top-line growth in our results. We are particularly pleased with the quarterly performance of our operations in Northern Europe; the South, Central America and Caribbean region; and the United States. Regarding our full-year results, we saw net sales and operating EBITDA growing for the first time in four years.
We also remain focused on our transformation process, having achieved a recurring improvement in our steady-state-EBITDA of about $150 million during the second half of 2011, and expecting to reach a run rate of $400 million by the end of this year.
We sold assets for $225 million during 2011 and expect to sell an additional $500 million during this year.”