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CEMEX reports second-quarter 2011 results

Words: Margaret Foster/Public/News/20110814091000-1.jpg" width="600" height="338" border="0" alt="CEMEX announced that consolidated net sales increased by 9% during the second quarter of 2011." />
CEMEX announced that consolidated net sales increased by 9% during the second quarter of 2011.
CEMEX, S.A.B. de C.V. ("CEMEX") (NYSE: CX), announced that consolidated net sales increased by 9% during the second quarter of 2011 to approximately U.S.$4.1 billion versus the comparable period in 2010. Operating EBITDA declined by 7% during the second quarter of 2011 to U.S.$615 million versus the same period in 2010.

CEMEX’s Consolidated Second-Quarter 2011 Financial and Operational Highlights

  • The increase in consolidated net sales was due to higher volumes mainly from our operations in Northern Europe, South/Central America and the Caribbean, and Mexico.
  • The infrastructure and residential sectors were the main drivers of demand in most of our markets.
  • Free cash flow after maintenance capital expenditures for the quarter was U.S.$18 million, compared with U.S.$187 million in the same quarter of 2010.
  • Operating income in the second quarter declined by 12%, to U.S.$258 million, from the comparable period in 2010.
Fernando A. González, Executive Vice President of Finance and Administration, said: “This is the third consecutive quarter of top-line growth in our results. We are pleased with the quarterly performance of our operations in Northern Europe; the South, Central American and Caribbean region; and Mexico, which helped mitigate the challenging conditions of the construction sector in the United States.

We also remain focused on our transformation process, which will reach a run rate of US$400 million in recurring improvement in our steady state EBITDA by the end of 2012.”

Consolidated Corporate Results

During the second quarter of 2011, controlling interest net income was a loss of U.S.$294 million, slightly better than the loss of U.S.$306 million in the same period last year.

Geographical Markets Second Quarter 2011 Highlights

Net sales in our operations in Mexico increased 5% in the second quarter of 2011 to U.S.$968 million, compared with U.S.$923 million in the second quarter of 2010. Operating EBITDA declined by 4% to U.S.$309 million versus the same period of last year.

CEMEX’s operations in the United States reported net sales of U.S.$619 million in the second quarter of 2011, down 9% from the same period in 2010. Operating EBITDA was a loss of U.S.$22 million in the quarter.

In Northern Europe, net sales for the second quarter of 2011 increased 24% to U.S.$1.35 billion, compared with U.S.$1.10 billion in the second quarter of 2010. Operating EBITDA was U.S.$152 million for the quarter, 52% higher than the same period last year.

Second-quarter net sales in the Mediterranean region were U.S.$477 million, flat versus the same quarter in 2010. Operating EBITDA decreased 15% to U.S.$125 million for the quarter versus the comparable period in 2010.

CEMEX’s operations in South/Central America and the Caribbean reported net sales of U.S.$442 million during the second quarter of 2011, representing an increase of 23% over the same period of 2010. Operating EBITDA decreased 3% to U.S.$125 million in the second quarter of 2011, from U.S.$128 million in the second quarter of 2010.

Operations in Asia reported a 9% decrease in net sales for the second quarter of 2011, to U.S.$129 million, versus the second quarter of 2010, and Operating EBITDA for the quarter was U.S.$22 million, down 45% from the same period last year.

CEMEX is a global building materials company that provides high-quality products and reliable service to customers and communities in more than 50 countries throughout the world. CEMEX has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future.
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