Cemex reported that consolidated net sales in the three months that ended on Sept. 30, decreased to $4.2 billion versus $5.8 billion in the comparable period in 2008. This represents a decrease of 27%, or a decrease of 19% when adjusting for the exclusion of its 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 increased close to 1% compared with the second quarter. EBITDA decreased 38% in the third quarter to $806 million from $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.

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.

The infrastructure sector was the main driver of demand in most of the markets despite not having yet seen the positive impact of stimulus packages around the world.

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. We will further enhance our position in the coming months by continuing to pay down our debt through capital expenditure reductions and cost-reduction and right-sizing initiatives.”

Cemex's operations in the United States reported net sales of $751 million in the third quarter, down 38% from the same period in 2008. EBITDA decreased 74% to $45 million, from $176 million in the third quarter of 2008. In Spain, net sales for the quarter were $217 million, down 41% from the third quarter of 2008, while EBITDA decreased 42% to $70 million.

Operations in the United Kingdom experienced a 26% decline in net sales, to $330 million, when compared with the same quarter of 2008. EBITDA increased 24% to $22 million in the third quarter. Net sales in the rest of Europe decreased 17% to $986 million, versus the comparable period in the previous year. EBITDA was $157 million, down 17% from the same period in the previous year.

Cemex operations in South and Central America and the Caribbean reported net sales of $360 million, a decline of 29% over the same period of 2008. EBITDA decreased 19% to $131 million versus the same period in 2008.

Africa and the Middle East net sales were $256 million, down 13% from the same quarter of 2008. EBITDA was $87 million, flat with the comparable period in 2008. Operations in Asia and Australia reported a 15% decline in net sales, to $479 million, versus the third quarter of 2008, and EBITDA was $89 million, down 7% from the same period in the previous year.