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| Cemex reports 3q 2011 results Mexico-based cement company Cemex announced that consolidated net sales increased by 5% during the third quarter of 2011 to approximately U.S.$3.9 billion versus the comparable period in 2010. Operating EBITDA increased by 1% during the third quarter of 2011 to U.S.$658 million versus the same period in 2010. The increase in consolidated net sales was due to higher sales mainly from the operations in Northern Europe, South/Central America and the Caribbean, and the United States. The infrastructure and residential sectors were the main drivers of demand in most of the markets. Free cash flow after maintenance capital expenditures for the quarter was U.S.$263 million, compared with U.S.$250 million in the same quarter of 2010. Operating income in the third quarter increased by 7%, to U.S.$305 million, from the comparable period in 2010. Fernando A. González, Executive Vice President of Finance and Administration, said: “This is the fourth consecutive quarter of top-line growth in our results. We also saw stable consolidated pricing on a quarter-on-quarter basis in local-currency terms. We are particularly pleased with the quarterly performance of our operations in the Northern Europe and the South, Central American and Caribbean regions. We have raised U.S.$80 million in asset sales during the first nine months of this year and expect to raise an additional U.S.$100 to U.S.$200 million during the fourth quarter. We estimate total proceeds from asset sales will reach U.S.$1 billion by the end of 2012. We also continue to be confident in our ability to meet all of our financial obligations. We have also prepaid all of maturities under our Financial Agreement until December 2013 and proactively bolstered our liquidity needs.” write your comments about the article :: © 2011 Construction News :: home page |