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Cemex Second Quarter Net Income Spikes Higher


Cemex, S.A.B. de C.V. announced that consolidated net sales reached $3.6 billion during the second quarter of 2017, an increase of 2 percent on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, versus the comparable period in 2016. 

The increase in consolidated net sales on a like-to-like basis was due to higher prices of products in local currency terms in Mexico and the U.S., as well as higher volumes in its Europe region, the company said.

Cemex's operations in the United States reported net sales of $916 million in the second quarter of 2017, an increase of 4 percent on a like-to-like basis from the same period in 2016. 

Net income was $289 million in the second quarter of 2017, an increase of 41 percent compared to the same period last year. For the first half of the year it reached $626 million, the highest net income for this period since 2008.

Operating earnings before other expenses, net, in the second quarter decreased by 11 percent, to $478 million. Controlling interest net income during the quarter improved to $289 million, from an income of $205 million in the same period last year.

Fernando A. Gonzalez, chief executive officer, said, “Our second quarter operating and financial performance was essentially in line with our expectations as of the first quarter: good results in Mexico, the U.S. and Europe; increasing challenges in Colombia and Egypt, and to a much lesser extent, the Philippines. In addition, we continue to further strengthen our balance sheet where the financial markets have allowed us to execute on our targets a bit faster than we anticipated earlier in the year."