CEMEX, S.A.B. de C.V. ("CEMEX") (NYSE: CX), announced today that consolidated net sales reached U.S.$3.6 billion during the first quarter of 2014, an increase of 8% versus the comparable period in 2013. Operating EBITDA increased by 3% during the quarter to U.S.$535 million versus the same period in 2013.
CEMEX’s Consolidated First-Quarter 2014 Financial and Operational Highlights
- The increase in consolidated net sales was due to higher prices of our products in local currency terms in most of our operations, as well as higher volumes in all our regions.
- Operating earnings before other expenses, net, in the first quarter increased by 12%, to U.S.$268 million.
- Operating EBITDA increased during the quarter by 3% to U.S.$535 million. During the quarter, higher maintenance and inventory drawdown negatively affected operating EBITDA. Adjusting for these effects and for the higher number of business days in our operations during the quarter, operating EBITDA, on a like-to-like basis, increased by 15%.
- Operating EBITDA margin decreased by 0.8 percentage points on a year-over-year basis reaching 14.9%. Operating EBITDA margin, on a like-to-like basis, adjusted for the higher maintenance, the inventory drawdown, and the higher number of business days during the quarter increased by 0.8 percentage points.
- Free cash flow after maintenance capital expenditures for the quarter was negative U.S.$454 million, compared with negative U.S.$483 million in the same quarter of 2013.
Fernando A. González, Executive Vice President of Finance and Administration, said: “We are pleased with the growth in our operating EBITDA during the quarter, on a like-to-like basis, adjusting for the seasonal maintenance and inventory-drawdown effects, which we expect will revert throughout the rest of the year. We also saw positive dynamics in consolidated volumes and prices for our main products.
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