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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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Mexico's Cemex posts $44 mln loss after coronavirus lockdowns

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07/27/2020 | 09:26am EDT

MONTERREY, July 27 (Reuters) - Mexican cement producer Cemex on Monday reported a $44 million loss for the second quarter after sales plummeted across most of its markets due to coronavirus-related lockdowns.

The loss, a sharp reversal from Cemex's $155 million profit during the year-ago period, was driven by a quarter in which the company was hobbled by restrictions in markets ranging from Mexico to the Middle East.

"We expect that COVID-19 will continue to challenge our operations in new ways over the next few quarters," Chief Executive Officer Fernando González said.

The company's sales declined between 10% and 30% across most of its markets, except in the United States, where it reported $1 billion in net sales, an increase of 1% over the same period last year.

"The United States continued to enjoy strong demand momentum in the second quarter driven by the infrastructure and residential sectors," the company said in its second quarter earnings report.

Other markets including Europe, the Middle East, Africa, Asia and Latin America all saw declines in sales driven by coronavirus-related government restrictions, including industry shutdowns in Colombia, Panama and Trinidad and the two-month closure of a plant in the Philippines.

Subsidiary Cemex Latam Holdings (CLH) reported a second-quarter profit of $11 million, versus a loss of $4 million in the year-earlier period, after benefiting positively from foreign exchange rates and higher cement prices in Colombia, its main market.

CLH said in a filing with Colombia's financial regulator that sales fell 41% to $148 million in the second quarter.

Monterrey-based Cemex, which operates in more than 50 countries, said earlier this year it was delaying capital expenditure and cutting a percentage of employees' salaries or allowances for a period of three months to reduce costs amid the coronavirus crisis.

(Reporting by Laura Gottesdiener in Monterrey and Ankit Ajmera in Bengaluru; additional reporting by Oliver Griffin in Bogota; Editing by Steve Orlofsky)


Stocks mentioned in the article
ChangeLast1st jan.
CEMEX LATAM HOLDINGS, S.A. 0.00% 2805 End-of-day quote.-36.32%
CEMEX, S.A.B. DE C.V. 1.21% 8.37 End-of-day quote.18.22%
DOW JONES AFRICA TITANS 50 INDEX -1.45% 460.28 Delayed Quote.-13.41%
S&P AFRICA 40 INDEX -1.18% 151.11 Delayed Quote.-8.04%
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Financials (USD)
Sales 2020 12 535 M - -
Net income 2020 67,3 M - -
Net Debt 2020 10 094 M - -
P/E ratio 2020 26,2x
Yield 2020 -
Capitalization 5 791 M 5 828 M -
EV / Sales 2020 1,27x
EV / Sales 2021 1,18x
Nbr of Employees 40 150
Free-Float 31,3%
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Technical analysis trends CEMEX, S.A.B. DE C.V.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Average target price 0,41 $
Last Close Price 0,39 $
Spread / Highest target 31,1%
Spread / Average Target 5,07%
Spread / Lowest Target -22,8%
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.18.22%5 828
CRH PLC-18.78%26 728
VULCAN MATERIALS COMPANY-4.52%18 209
ULTRATECH CEMENT LIMITED10.46%17 385
MARTIN MARIETTA MATERIALS, INC-11.51%15 408
HEIDELBERGCEMENT AG-25.38%11 306