CEMEX, S.A.B. de C.V. ("CEMEX") (NYSE: CX), announced today that consolidated net sales reached US$4.0 billion during the second quarter of 2013, an increase of 4% versus the comparable period in 2012. Operating EBITDA increased by 4% during the quarter to US$730 million versus the same period in 2012. Adjusting for the higher number of business days in our operations during the quarter, consolidated net sales improved by 2% and operating EBITDA increased 2% versus the same period last year.
CEMEX’s Consolidated Second-Quarter 2013 Financial and Operational Highlights
- The increase in consolidated net sales was due mainly to higher prices of our products in local currency terms and higher volumes in most of our regions.
- Operating earnings before other expenses, net, during the second quarter increased by 24%, to US$451 million.
- Operating EBITDA grew during the quarter by 4% and, adjusting for the higher number of business days in our operations during the quarter, increased by 2%.
- Operating EBITDA margin during the quarter reached 18.2%, remaining flat on a year-over-year basis.
- Free cash flow after maintenance capital expenditures for the quarter was negative US$86 million, compared with US$21 million during the same quarter of 2012.
Fernando A. González, Executive Vice President of Finance and Administration, said: “We are pleased to report that this is the eighth consecutive quarter with year-over-year improvement in EBITDA. We also saw an increase in our consolidated prices in local-currency terms for cement, ready mix and aggregates during the quarter. On the cost side, our alternative fuel substitution initiatives remain a very high priority. On a consolidated basis, our alternative fuel utilization reached 28% during the quarter. In addition, we are implementing targeted cost-reduction initiatives in Mexico and Northern Europe which we expect will result in savings of about US$100 million during the second half of 2013.”