Cemex SAB de CV has announced its 3Q20 results with net sales increasing by three per cent on a like -for-like (LfL) basis to US$3.436bn, while EBITDA rose by 15 per cent to US$728m.
Net operating earnings, before other expenses, rose by 20 per cent to US$453m on a LfL basis. Net debt plus perpetual notes fell by US$504m versus the previous quarter.
Net sales in Mexico rose by 14 per cent on a LfL basis to US$723m. Operating EBITDA rose 16 per cent to US$246m on a LfL basis, versus the 3Q19. In the USA, net sales reached US$1bn, up one per cent from the 3Q19 and operating EBITDA rose by seven per cent to US$199m when compared with the 3Q19.
In Europe, Middle East, Africa and Asia, net sales rose by two per cent to US$1.2bn on a LfL basis, compared to the year-ago period. Operating EBITA was US$220m for the 3Q20, eight per cent up on 3Q19.
South, Central America and the Caribbean reported net sales of US$395m, up one per cent LfL over the same period of 2019. Operating EBITDA rose by 31 per cent to US$109m in the 3Q20 compared to the 3Q19.
"We are pleased with our performance in the third quarter in which all regions participated in earnings recovery. Indeed, during the quarter, we experienced EBITDA recovery from the second quarter decline, due to COVID-19, as well as strong year-over-year growth. Operation Resilience played a key role in this performance," said Fernando A González, Comes CEO. "We continue to derisk the business with the reduction in our net leverage ratio and the extension of our bank maturities with the successful refinancing of the Facilities Agreement."
