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MarketScreener Homepage  >  Equities  >  Mexican Stock Exchange  >  CEMEX, S.A.B. de C.V.    CEMEX CPO   MXP225611567

CEMEX, S.A.B. DE C.V.

(CEMEX CPO)
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CEMEX B de C : Swings to 3Q Loss on Impairments

10/28/2020 | 08:34am EST

By Anthony Harrup

MEXICO CITY--Mexican cement maker Cemex SAB reported a $1.54 billion loss in the third quarter after a non-cash charge, while sales and operating profit rose with construction picking up across regions after Covid-related shutdowns.

Cemex, one of the world's largest building materials companies, said Wednesday that sales in the July-September period rose 2% from the year-earlier quarter to $3.44 billion, and operating profit rose 15% to $453 million.

The loss, compared with a $187 million profit in the third quarter of 2019, was mainly the result of a $1.5 billion non-cash charge related to goodwill impairments and idle facilities.

Operating cash flow measured by earnings before interest, taxes, depreciation and amortization was $728 million, an 11% increase from a year before and the highest for a quarter since 2016. Cemex expects to end the year with Ebitda around $2.4 billion.

"All regions participated in earnings recovery," Cemex said.

In Mexico, sales rose 1% to $723 million and were up 14% adjusting for peso depreciation. The pickup followed sharp declines in the second quarter when construction activity was restricted because of the coronavirus.

Sales in the U.S., where construction remained open as an essential activity, rose 1% to $1 billion.

Cement sales by volume for all regions rose 3% to 17 million metric tons, aggregates volume was flat at 35.4 million metric tons, and ready mix concrete sales by volume fell 6% to 12.3 million cubic meters.

Cemex reduced net debt plus perpetual notes by $504 million during the third quarter to $10.3 billion.

Write to Anthony Harrup at anthony.harrup@wsj.com

(END) Dow Jones Newswires

10-28-20 0933ET

Stocks mentioned in the article
ChangeLast1st jan.
CEMEX LATAM HOLDINGS, S.A. 0.00% 3229 End-of-day quote.-26.70%
CEMEX, S.A.B. DE C.V. -1.38% 9.29 End-of-day quote.31.21%
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Financials (USD)
Sales 2020 12 672 M - -
Net income 2020 -797 M - -
Net Debt 2020 10 115 M - -
P/E ratio 2020 -4,63x
Yield 2020 -
Capitalization 6 817 M 6 820 M -
EV / Sales 2020 1,34x
EV / Sales 2021 1,25x
Nbr of Employees 40 140
Free-Float 31,3%
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Technical analysis trends CEMEX, S.A.B. DE C.V.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 0,45 $
Last Close Price 0,46 $
Spread / Highest target 12,4%
Spread / Average Target -2,78%
Spread / Lowest Target -23,4%
EPS Revisions
Managers
NameTitle
Fernando Angel González Olivieri Chief Executive Officer & Non-Independent Director
Rogelio Zambrano Lozano Executive Chairman
Maher Al-Haffar Executive Vice President-Finance & Administration
Dionisio Garza Medina Independent Director
Armando Jorge García Segovia Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CEMEX, S.A.B. DE C.V.31.21%6 820
CRH PLC-2.75%32 412
VULCAN MATERIALS COMPANY0.02%19 084
ULTRATECH CEMENT LIMITED19.48%18 890
MARTIN MARIETTA MATERIALS, INC-2.49%16 981
HEIDELBERGCEMENT AG-6.13%14 406