Cemex Registers 3% Growth In Q4 Sales, Misses On Estimates

Cemex SAB De CV CX reported fourth-quarter sales growth of 3% year-over-year (+5% on a like-to-like basis) to $3.62 billion, missing the consensus of $3.73 billion.
Sales across markets: Mexico $841 million (+1% Y/Y), U.S. $1.09 billion (+8% Y/Y), EMEA $1.19 billion (+1% Y/Y), and South, Central America and the Caribbean $391 million (+2% Y/Y).
Cement volume decreased by 5% Y/Y, ready-mix volume increased 1%, and aggregates volume were flat.
Earnings per ADS improved to $0.15 from $0.05 in 4Q20, versus the consensus of $0.19.
The gross margin contracted by 110 bps to 30.1%. The operating EBITDA increased by 3% Y/Y to $651 million, and the margin contracted by 10 bps to 18%.
Operating expenses as a percentage of net sales decreased by 140 bps to 20% due to lower administrative, sales, distribution, and corporate expenses.
The quarter's free cash flow decreased by 54% to $227 million.
The leverage ratio was 2.73 times, compared to 2.80 in Q3 and 4.13 times in 4Q20.
FY22 Outlook: The company expects operating EBITDA to grow in mid-single digit.
Consolidated volume growth is expected to be flat for Cement, low single-digit increase for Ready mix, and low to mid-single digit increase for Aggregates.
Price Action: CX shares are trading lower by 3.21% at $5.89 during the market session on the last check Thursday.

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