(Source: Business Wire)
CEMEX, S.A.B. de C.V. (NYSE: CX), announced today that consolidated net
sales in the three months that ended on September 30, 2009, decreased to
US$4.2 billion versus US$5.8 billion in the comparable period in 2008,
representing a decrease of 27%, or a decrease of 19% when adjusting for
the exclusion of our Venezuelan operations, the sale of our assets in
the Canary Islands, and currency fluctuations. On a sequential basis,
consolidated net sales for the third quarter of 2009 increased close to
1% compared with the second quarter of 2009. EBITDA decreased 38% in the
third quarter of 2009 to US$806 million from US$1.3 billion in the same
period of 2008, or 30% when adjusting for the exclusion of above
mentioned assets and currency fluctuations. EBITDA, on a sequential
basis, declined 1% in the third quarter of 2009 compared to the second
quarter of 2009.
CEMEX's Consolidated Third Quarter
Financial and Operational Highlights
Lower sales in the quarter were primarily attributable to lower
volumes, mainly from our U.S. and Spanish operations, as well as the
exclusion of our Venezuelan operations, and the sale of our assets in
the Canary Islands.
Third quarter sales on a sequential, quarter-to-quarter basis,
increased close to 1%, with a 1% decline in EBITDA, when compared with
the second quarter of 2009.
The infrastructure sector was the main driver of demand in most of the
markets we serve despite the fact that we have not yet seen the
positive impact of stimulus packages around the world.
Free cash flow after maintenance capital expenditures for the quarter
was US$260 million.
Hector Medina, Executive Vice President of Finance and Legal, said,
"Despite the continuing effects of the global economic slowdown, we are
encouraged by the quarter to quarter stability exhibited by our results.
Leading indicators in several of our markets are showing signs of
improvement, and we have made important steps towards regaining our
financial flexibility. With the successful completion of our refinancing
this quarter, we now have a solid foundation for continued profitable
growth.
