Cemex domestic sales up slightly in second quarter 2020

By |  July 28, 2020

González

Cemex sales declined 10 percent across its global markets in the second quarter while the company’s earnings before interest, tax, depreciation and amortization (EBITDA) dropped 6 percent.

In the U.S., though, Cemex operations reported net sales of $1 billion – an increase of 1 percent from the second quarter of 2019. Operating EBITDA increased 16 percent in the quarter within the U.S., the company says.

“Despite the unprecedented conditions in which we are operating due to the pandemic, I am pleased with our second-quarter performance and our quick reaction to implement cost-containment measures across all geographies,” says Fernando González, CEO of Cemex. “In the quarter, we saw a rapid V-shaped volume recovery in our core products from trough levels in April, reaching slightly below pre-COVID-19 volumes in June.”

According to Cemex, its global declines were largely attributable to lockdown measures in much of the company’s footprint. The overall decline in quarterly consolidated net sales was due to lower volumes for Cemex’s three core products in almost all regions. The U.S. was the one exception, Cemex says, with cement volumes growing 6 percent. Impact of volumes was highly correlated to government COVID-19 restrictions, the company adds.

“We expect COVID-19 will continue to challenge our operations in new ways over the next few quarters,”  González says.

Featured image: P&Q Staff

Kevin Yanik

About the Author:

Kevin Yanik is editor-in-chief of Pit & Quarry. He can be reached at 216-706-3724 or kyanik@northcoastmedia.net.

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