Cemex U.S. Business Up 10% in Second Quarter

Fernando A. González

Cemex reported second quarter 2023 results, with a net sales increase of 10% resulting in revenues of $4.566 billion. Net profit came in at $272 million, up 2% from the year-ago quarter. Cemex said it is close to its goal of recovering 2021 margins, set in 2022 in response to unprecedented inflation.

  • Cemex’s operations in the United States reported a record quarter, reaching net sales of $1,420 million, a 10% increase.
  • Net sales in Mexico increased 14% in the second quarter, to $1.298 billion.
  • In the Europe, Middle East, Africa and Asia region, net sales increased 6% to $1.354 billion. 
  • Cemex’s operations in South, Central America,\ and the Caribbean region, reported net sales of $447 million in the second quarter, an increase of 10%.

Cemex’s growth strategy, introduced in 2020, focuses on bolt-on and margin enhancement investments across its four core businesses, mainly in developed markets. Cemex’s Urbanization Solutions business, Cemex’s newest core business and a primary beneficiary of these investments, has been growing at a 20% compound annual growth rate since its launch in 2019. 

“The success of our pricing strategy, bolt-on investments and Urbanization Solutions business, as well as decelerating cost inflation, are driving what is shaping up to be a very strong year for our company,” said Fernando A. González, CEO of Cemex. “One of our main priorities has been to recover 2021 margins, and we are getting very close. Our growth investment strategy and our Urbanization Solutions business are ramping up nicely and contributing to profitability in a meaningful way. Beyond our financial results, we continue progressing on the ambitious carbon reduction and circularity commitments of our Future in Action program, remaining on the path to becoming a net-zero CO₂ company by 2050.”

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