Cemex U.S. Business Up 6% in 2023

Cemex reported 2023 results, with an 8% growth in sales to $17,416 million in 2023, and 5% to $4,243 million in the fourth quarter. This performance, coupled with the board’s confidence in the medium-term outlook and strong free cash flow generation over the last few years, allows Cemex to initiate a formal shareholder return program, subject to approval at the next Annual Shareholders’ Meeting, the company stated.

Cemex’s operations in the United States reported net sales of $5,338 million in 2023, an increase of 6%, and $1,269 million in the fourth quarter, an increase of 4%. EBITDA increased 37% in 2023, to $1,040 million, and increased 18% to $239 million in the fourth quarter.

Net sales in Mexico increased 16% in 2023, to $5,088 million, and 17% in the fourth quarter, to $1,333 million. EBITDA increased 15% in 2023, to $1,488 million, and increased 13% in the fourth quarter, to $346 million.

In the Europe, Middle East, Africa and Asia region, net sales increased by 5% in 2023, to $5,059 million, and decreased 4% in the fourth quarter, to $1,166 million. EBITDA was $703 million in 2023, 7% higher, and $129 million for the fourth quarter, a 14% decrease.

Cemex’s operations in the South, Central America and the Caribbean region, reportednet sales of $1,725 million in 2023, an increase of 8%, and $425 million in the fourth quarter, an increase of 7%. EBITDA increased 5% to $399 million in 2023 and increased 14% to $98 million in the fourth quarter.

Cemex also affirmed continued execution of the company’s decarbonization roadmap, with a 4% YoY CO₂ reduction in 2023 and 13% since 2020.

“I am pleased to announce that 2023 is a record year for our company where we delivered not only great results and recovered from the extraordinary inflationary pressures of the last few years, but also continued executing against our ambitious decarbonization commitments, reducing our CO₂ emissions by 4% this year and by 13% since 2020,” said Fernando A. González, CEO of Cemex. “Despite the significant macro challenges of the last four years, we have proven not only the resiliency of our business model but also our ability to pivot and adjust rapidly to changing global conditions. This foundation gives us additional flexibility in capital allocation, where we continue to accelerate investments in our bolt-on growth strategy, initiate a sustainable return program for shareholders, and bolster our capital structure.”

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