CEMEX sets record EBITDA in 1Q24

CEMEX has reported net sales of US$4138m in the opening quarter of 2024, marking a three per cent increase YoY. EBITDA over the same period has advanced by five per cent to US$772m, while the EBITDA margin increased 0.5 percentage points to 18.7 per cent. 

According to the company, three out of its four regional markets, accounting for 90 per cent of consolidated EBITDA, saw a combined growth rate of 15 per cent over the three-month period under review. There was further growth from investments and CEMEX’s Urbanisation Solutions business, contributing to over 50 per cent of incremental EBITDA in the 1Q23-24. 

“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 Urbanisation Solutions business were instrumental in driving EBITDA growth in the quarter.” 

Sales in Mexico increased 20 per cent YoY to US$1314m, while EBITDA grew 22 per cent to US$420m. The EBITDA margin expanded 0.5 percentage points to 31.9 per cent. In the US, sales declined two per cent YoY to US$1234m, with a three per cent advance in EBITDA to US$237m. The EBITDA margin reached 19.2 per cent, marking a 0.9 percentage point expansion.

In the Europe, Middle East, Africa and Asia region, sales were down nine per cent YoY to US$1115m. EBITDA declined 41 per cent to US$88m, while the EBITDA margin fell 4.2 percentage points to 7.8 per cent. Meanwhile, CEMEX’s operations in South, Central America and the Caribbean region reported sales of US$422m, up three per cent YoY, while EBITDA expanded 22 per cent to US$103m. The EBITDA margin came in at 24.3 per cent, marking a 3.8 percentage point advance.