Cemex reported record first quarter results today, with a 5% increase in EBITDA. Three of four regions, markets accounting for 90% of consolidated EBITDA, experienced a combined growth rate of 15%. EBITDA margin expanded by half a percentage point, driven by favorable price-cost dynamics. These strong results were further bolstered by growth investments and Urbanization Solutions, contributing to over 50% of incremental EBITDA in the quarter.
“Our first quarter in 2024 continued to build on an exceptional 2023,” said Fernando A. González, CEO of Cemex. “EBITDA represents a first quarter record for the company, despite fewer working days and difficult weather conditions in many markets. Our pricing strategy effectively outpaced input cost inflation, while our growth investments and Urbanization Solutions business were instrumental in driving EBITDA growth in the quarter”
Cemex’s Consolidated 2024 First Quarter Financial and Operational Highlights
• Net Sales increased 3% to US$4,138 million.
• EBITDA increased 5% to US$772 million.
• EBITDA margin increased 0.5pp to 18.7%.
• Free Cash Flow after Maintenance Capital Expenditures was negative US$212 million, a
year-over-year decline of US$157 million.
• Growth investments account for 10% of total EBITDA and 26% of incremental EBITDA.
• 15% increase in EBITDA from Urbanization Solutions.
• Controlling interest net income increased 13%, due primarily to better operational results and
lower taxes.
Geographical Markets 2024 First Quarter Highlights
• Sales in Mexico increased 20%, to US$1,314 million, while EBITDA grew 22% to US$420
million. EBITDA Margin expanded 0.5pp to 31.9%.
• Sales in the United States declined 2% to US$1,234 million. EBITDA increased 3% to
US$237 million, and EBITDA Margin reached 19.2%, a 0.9pp expansion.
• In the Europe, Middle East, Africa, and Asia region, Sales were down 9%, to US$1,115
million. EBITDA was US$88 million, 41% lower, while EBITDA Margin decreased 4.2pp to
7.8%.
• Cemex’s operations in South, Central America, and the Caribbean region reported Sales of
US$422 million, an increase of 3%, while EBITDA rose 22% to US$103 million. EBITDA
Margin increased 3.8pp, to 24.3%.
Note: All percentage variations related to Sales, Net Sales, EBITDA and Controlling interest net
income are compared to the same period of last year. All references to EBITDA mean Operating EBITDA.
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