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    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 EDT

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% 3800 End-of-day quote.-17.96%
CEMEX, S.A.B. DE C.V. -0.70% 15.54 End-of-day quote.51.31%
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More news
Financials (USD)
Sales 2021 14 145 M - -
Net income 2021 995 M - -
Net Debt 2021 8 885 M - -
P/E ratio 2021 37,6x
Yield 2021 -
Capitalization 11 064 M 11 021 M -
EV / Sales 2021 1,41x
EV / Sales 2022 1,29x
Nbr of Employees 42 304
Free-Float 31,3%
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Technical analysis trends CEMEX, S.A.B. DE C.V.
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 7
Average target price 0,92 $
Last Close Price 0,75 $
Spread / Highest target 39,4%
Spread / Average Target 22,6%
Spread / Lowest Target -4,02%
EPS Revisions
Managers and Directors
NameTitle
Fernando Angel González Olivieri Chief Executive Officer & Non-Independent Director
Maher Al-Haffar CFO, Executive VP-Finance & Administration
Rogelio Zambrano Lozano Executive Chairman
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.51.31%11 021
CRH PLC22.08%38 546
ULTRATECH CEMENT LIMITED26.58%26 036
VULCAN MATERIALS COMPANY11.82%22 001
MARTIN MARIETTA MATERIALS, INC.18.08%20 914
HEIDELBERGCEMENT AG16.56%16 786