Cemex, S.A.B. de C.V. (CX), a building materials company, Friday reported a decline in net sales for the first quarter, reflecting fewer business days and lower volumes in most of its regions.
For the quarter, the company generated revenues of $3.3 billion, a 5 percent decrease from the comparable quarter last year. Operating EBITDA decreased by 8 percent during the quarter to $521 million compared with last year.
Operating EBITDA for the quarter, on a like-to-like basis adjusting for the effect of the change in pension plan mentioned above and the fewer business days during the quarter, increased by 9 percent.
Controlling interest net income during the quarter was a loss of $281 million compared with a loss of $30 million recorded last year. The year-over-year difference is mainly due to non-cash foreign exchange fluctuations.
Net operating earnings before other expenses in the first quarter remained flat at $239 million.
Fernando A. González, Executive Vice President of Finance and Administration, said, "We are pleased with the operating EBITDA growth and operating EBITDA margin expansion during the quarter on a comparable basis. This is the seventh consecutive quarter with year-over-year improvement in operating EBITDA."
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