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CEMEX Reports Fourth-Quarter And Full-Year 2013 Results

Stocks in this article: CX

CEMEX, S.A.B. de C.V. ("CEMEX") (NYSE:CX), announced today that consolidated net sales increased by 4% during the fourth quarter of 2013 to approximately U.S.$3.9 billion and increased by 2% for the full year to U.S.$15.2 billion versus the comparable periods in 2012. Operating EBITDA increased by 4% during the fourth quarter of 2013 to U.S.$642 million and increased 1% for the full year to U.S.$2.6 billion versus 2012. On a like-to-like basis for the ongoing operations, adjusting for currency fluctuations and also for the extraordinary favorable effect in 2012 resulting from the change of a pension plan in our Northern Europe region, full year 2013 operating EBITDA increased by 4% versus 2012.

CEMEX’s Consolidated Fourth-Quarter and Full-Year 2013 Financial and Operational Highlights

  • The increase in consolidated net sales was due to higher volumes in the U.S., and in our Mediterranean, Northern Europe, Asia and South, Central America and the Caribbean regions, as well as higher prices of our products in local currency terms in most of our regions.
  • Operating earnings before other expenses, net, in the fourth quarter increased by 30%, to U.S.$359 million and increased 17%, to U.S.$1.5 billion, for the full-year 2013.
  • Reporting a narrower controlling interest net loss of U.S.$255 million during the fourth quarter of 2013 from a loss of U.S.$494 million in the same period last year. For the full-year 2013 controlling interest net loss improved to U.S.$843 million from a loss of U.S.$913 million in 2012.
  • Operating EBITDA during the quarter increased by 4% to U.S.$642 million. For the full year 2013 operating EBITDA increased by 1% to U.S.$2.6 billion versus 2012. On a like-to-like basis and also adjusting for the pension plan effect, full-year 2013 operating EBITDA increased by 4%.
  • Operating EBITDA margin remained flat during the quarter, on a year-over-year basis, reaching 16.6%. For the full year operating EBITDA margin decreased by 0.1 percentage points to 17.4% versus 2012. Adjusting for the pension plan effect, operating EBITDA margin during 2013 increased by 0.3 percentage points versus 2012.
  • Free cash flow after maintenance capital expenditures for the quarter was U.S.$216 million, compared with U.S.$228 million in the same quarter of 2012.

Fernando A. González, Executive Vice President of Finance and Administration, said, “During 2013 we continued to deliver. This is our third consecutive year of EBITDA growth, driven by improvement in pricing and volume in most of our regions, the favorable operating leverage effect in the U.S., as well as our continued initiatives to improve our operating efficiency.

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