SOURCE: CEMEX | May 1, 2021
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX), announced today strong results in the first quarter of 2021 with EBITDA growing on a year over year basis in all regions. Consolidated net sales increased 9%, on a year-over-year basis to $3.4 billion in the first quarter of 2021. Operating EBITDA improved 28% during the first quarter of 2021 to US$684 million, while the EBITDA margin increased to 20.1%, 2.8 percentage points higher year over year. The robust EBITDA performance in the quarter is attributable to significant momentum in cement volumes, higher prices and operational leverage in the business.
CEMEX’s Consolidated First Quarter 2021 Financial and Operational Highlights
• Net Sales increased 9%, to US$3,411 million.
• Operating EBITDA rose 28% to US$684 million, compared to the same period in 2020.
• Operating EBITDA margin increased by 2.8pp, to 20.1%.
• Free Cash Flow after Maintenance Capital Expenditures was the highest for a first quarter in five years, increasing by US$216 million year over year.
• Controlling Interest Net Income was US$665 million in the first quarter of 2021 versus US$42 million in the same quarter of 2020.
• Net debt and leverage were reduced materially during the first quarter. Net debt plus perpetuals decreased US$547 million, while leverage ratio was reduced to 3.61 times, almost half-a-turn reduction compared to fourth quarter of 2020.
“We are quite pleased with our first quarter results where we achieved some important milestones and advanced significantly against our Operation Resilience goals, despite persistent challenges from COVID in many markets” said Fernando A. González, CEO of CEMEX. “First quarter performance convinces me that we should be entering a period of sustainable growth for our major markets and we will likely reach two of our Operation Resilience goals well in advance of the 2023 timetable: achieving an investment grade capital structure and a higher than 20% consolidated EBITDA margin.”
Geographical Markets First Quarter 2021 Highlights
Net Sales in Mexico increased 19% to US$822 million. Operating EBITDA went up 27% to US$299 million in the quarter, versus the same period of the previous year.
CEMEX’s operations in the United States reported Net Sales of US$1.0 billion, an increase of 5% from the same period in 2020. Operating EBITDA grew 21% to US$196 million versus the same quarter of 2020.
In our Europe, Middle East, Africa and Asia region, Net Sales rose by 2%, compared to the same period of the previous year, reaching US$1.1 billion. Operating EBITDA was US$113 million for the quarter, 3% higher than the same period last year.
CEMEX’s operations in the South, Central America and the Caribbean region reported Net Sales of US$424 million, an increase of 15% over the same period of 2020. Operating EBITDA improved 40% to US$123 million in the first quarter of 2021, in contrast to the same quarter of 2020.
CEMEX is a global building materials company that provides high-quality products and reliable services. CEMEX has a rich history of improving the wellbeing of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more information, please visit: www.cemex.com
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