Cemex SAB de CV (NYSE:CX)
$ 5.45 -0.2 (-3.54%) Market Cap: 7.91 Bil Enterprise Value: 15.74 Bil PE Ratio: 18.35 PB Ratio: 0.68 GF Score: 80/100
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Q2 2024 Cemex SAB de CV Earnings Call Transcript

Jul 25, 2024 / 03:00PM GMT
Release Date Price: $6.37 (+2.58%)

Key Points

Positve
  • EBITDA grew year-over-year despite significant weather challenges in key markets.
  • Achieved the highest EBITDA margin in the last eight years, marking five consecutive quarters of expansion.
  • Received a second investment grade rating from Fitch Ratings.
  • Reduced Scope 1 CO2 emissions by 3% in the first half of the year compared to the same period in 2023.
  • Strong performance in Mexico with record EBITDA levels and significant volume growth.
Negative
  • Net sales were flat, impacted by difficult weather conditions in several regions.
  • Free cash flow after maintenance CapEx declined slightly due to timing of tax payments and lower fixed asset sales.
  • Consolidated cement volumes were flat, while ready-mix and aggregates volumes declined by 9% and 3% respectively.
  • US operations were impacted by bad weather, leading to lower volumes and higher maintenance costs.
  • EMEA region faced a challenging demand backdrop and geopolitical events, leading to a decline in EBITDA.
Operator

Good morning, and welcome to the Cemex second quarter 2024 conference call and Webcast. My name is Drew, and I'll be your operator for today. (Operator Instructions)

And now I would turn the conference over to Lucy Rodriguez, Chief Communications Officer. Please proceed.

Louisa Rodriguez
Cemex SAB de CV - Executive Vice President - Investor Relations, Corporate Communications and Public Affairs

Good morning. Thank you for joining us today for our second quarter 2024 conference call and webcast. We hope this call finds you in good health. I'm joined today by Fernando Gonzalez, our CEO; and Maher Al-Haffar, our CFO. As always, we will spend a few minutes reviewing the business and then we will be happy to take your questions.

And now I will hand it over to Fernando.

Fernando Angel Gonzalez Olivieri
Cemex SAB de CV - Chief Executive Officer, Director

Thanks, Lucy, and good day to everyone. I'm pleased with our second quarter results where EBITDA grew year-over-year despite significant weather

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