Cemex 1Q Net Profit Rises 13% on Year

By Anthony Harrup

MEXICO CITY--Mexican buildings materials company Cemex posted 13% higher net profit in the first quarter as revenue increased with higher prices offsetting lower sales volume in most markets.

Cemex reported on Thursday net profit of $254 million for the January-March quarter, or 17 cents an American depositary share, compared with $225 million in the first quarter of 2023.

Sales rose 3% to $4.14 billion thanks to higher prices.

Cement sales by volume were down 2% at 12 million metric tons, aggregates volume fell 2% to 31.6 million metric tons, and ready mix concrete volume dropped 12% to 10.3 million cubic meters. The company attributed the declines to fewer working days and bad weather in many markets, including in the U.S.

Cemex reported $772 million in earnings before interest, taxes, depreciation and amortization, up 5% from the year-earlier period and a record for a first quarter. Ebitda was supported by higher prices and lower cost inflation, as well as the company's growth investment strategy, Cemex said.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

April 25, 2024 08:31 ET (12:31 GMT)

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