Cemex 1Q Net Profit Rises on Higher Sales
By Anthony Harrup
MEXICO CITY -- Mexican building materials company Cemex posted a 14% rise in first-quarter net profit as sales increased from higher prices and easing inflation contributed to higher operating gains.
Monterrey, Mexico-based Cemex, one of the world's largest building materials companies, reported net profit of $225 million, or $0.15 an American depositary share, for the first three months of the year, up from $198 million or $0.12 a share in the year-earlier quarter.
Sales rose 8% to $4.04 billion largely due to higher prices for its products in all regions.
Cement sales by volume fell 9% to 14.4 million metric tons, aggregates volume fell 5% to 32.3 million metric tons, and ready mix concrete volume was down 4% to 11.7 million cubic meters.
Earnings before interest, taxes, depreciation and amortization were up 7% at $733 million, with double-digit increases in the U.S. and Europe attributed to higher prices, slowing input cost inflation, and contributions from growth investments.
Cemex said the results could provide upside support for its 2023 estimate of low single-digit Ebitda growth, which it expects to revisit following the second quarter.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
May 02, 2023 09:32 ET (13:32 GMT)
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