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Cemex U.S. Business Up 3% in First Quarter

Cemex, S.A.B. de C.V. announced that, on a like-to-like basis for the ongoing operations and adjusting for foreign exchange fluctuations, consolidated net sales increased by 1%, reaching $3.2 billion during the first quarter of 2019 versus the comparable period in 2018. Operating EBITDA decreased by 3% on a like-to-like basis during the first quarter of 2019 to $562 million on a year-over-year basis.

The increase in quarterly consolidated net sales was due to higher prices of its products, in local-currency terms in all of its regions, as well as higher volumes in its three core products in Europe, and in ready-mixed and aggregates in the United States.

Cemex's operations in the United States reported net sales of $878 million in the first quarter of 2019, an increase of 3% from the same period in 2018. Operating EBITDA decreased by 1% to $130 million from $131 million in the same quarter of 2018.

  • Operating earnings before other expenses, net, decreased by 14% in the first quarter, to $294 million.
  • Controlling interest net income during the quarter was $39 million, from $20 million in the same period of 2018.
  • Operating EBITDA decreased by 3%, on a like-to-like basis, during the quarter on a year-over-year basis, to $562 million.
  • Operating EBITDA margin during the quarter decreased to 17.4%from 17.9%in the same period in the previous year.
  • Free cash flow after maintenance capital expenditures for the quarter was negative $337 million.

Fernando A. Gonzalez, chief executive officer of Cemex, said, “We are pleased with the 1% top-line growth we achieved during the first quarter, despite important volume declines in our two most important markets: Mexico and the United States. During the quarter, we enjoyed improved pricing performance in all our regions with favorable volume dynamics in Europe. In the United States, ready-mixed and aggregates volumes also grew despite adverse weather in part of our footprint. In addition, operating cash flow performance was bolstered by the ongoing successful implementation of our A Stronger Cemex initiatives."