Cemex Stock Rises After Q2 Results, Notes Higher Volumes And Prices

  • Cemex SAB de CV ADR CX reported second-quarter sales growth of 33% year-over-year (+25% on a like-to-like basis) to $3.86 billion, versus the consensus of $3.63 billion. The sales growth reflects higher volumes and prices in local currency terms.
  • Sales across markets: Mexico $935 million (+65% Y/Y), United States $1.13 billion (+13% Y/Y), EMEA $1.29 billion (+32% Y/Y), and South, Central America and the Caribbean $418 million (+50% Y/Y).
  • Cement volume increased +24% Y/Y, ready-mix volume increased 20%, and aggregates volume increased 16%.
  • Earnings per ADS improved to $0.18 from $0.01 in 2Q20, versus the consensus of $0.18.
  • The gross margin expanded by 160 bps to 33.7%. The operating EBITDA increased by 48% Y/Y to $818 million, and the margin expanded by 210 bps to 21.2%.
  • Free cash flow for the quarter increased by 241% to $293 million.
  • The leverage ratio was 2.85 times, a reduction of 0.76 times compared to Q1 and 1.72 times lower versus 2Q20.
  • FY21 Outlook: The company expects operating EBITDA of ~$3.1 billion, Consolidated volume growth of 5% to 7% Cement, 3% to 5% Ready-mix and 2% to 4% Aggregates.
  • Price Action: CX shares are up 2.14% at $8.58 during the market session on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!