February 12, 2018
On Thursday, Feb. 8, 2018, Cemex, S.A.B. de C.V., announced that consolidated net sales for the fourth quarter of 2017 were $3.4 billion, an increase of 4 percent compared to 2016 and adjusting for currency fluctuations. Sales for the year 2017 increased to $13.7 billion, an increase of 3 percent compared to 2016. Operating EBITDA for the fourth quarter decreased by 7 percent to $625 million on a like-to-like basis, and decreased 6 percent to $2.6 billion for the full year compared to 2016. Cemex also reported a net income of $806 for 2017, the highest since 2007.
Additional financial and operational highlights for the fourth quarter and full-year 2017 include the following:
“Although 2017 was a challenging year, our two largest markets, Mexico and the United States, performed well with like-to-like increases in their EBITDA,” says Cemex CEO Fernando A. Gonzalez. “We also generated free cash flow after maintenance capex of close to $1.3 billion, with a 50 percent EBITDA-to-free-cash-flow conversion rate and which, together with our asset-divestment initiatives, resulted in pro-forma debt reduction of close to $2.1 billion during the year. We had important headwinds during the year: underperformance in Colombia, Egypt, and the Philippines, as well as increased energy costs, mainly in Mexico. As we have done in the past, we focused on the variables we control to dampen these headwinds, and we continued to deliver solid results.”