Cemex reported its fourth quarter and full-year 2024 results, with net income of $939 million, a record in the company’s recent history. Net sales decreased by 1% to $16,200 million in 2024 and remained flat at $3,811 million in the fourth quarter.
- Cemex’s operations in the United States reported sales of $5,194 million in 2024, a decrease of 3%, and $1,233 million in the fourth quarter, also a 3% decline.
- Sales in Mexico increased by 1% in 2024 to $4,881 million and decreased by 6% in the fourth quarter to $1,050 million.
- In the Europe, Middle East, and Africa region, sales decreased by 2% in 2024 to $4,631 million, and increased by 8% in the fourth quarter to $1,155 million.
- Cemex operations in the South, Central America and the Caribbean region reported sales of $1,244 million in 2024, remaining flat, and $297 million in the fourth quarter, also remaining stable.
Cemex launched “Project Cutting Edge”, a three-year, $350 million saving initiative to streamline operations and improve efficiency, heavily leveraging digital technology throughout the company. This program is anticipated to deliver $150 million in incremental EBITDA in 2025 expecting to reach a run rate of $350 million by 2027. “Project Cutting Edge” also contemplates expected savings at the free cash flow level.
In Climate Action, the company is advancing its Future in Action roadmap, making significant progress in profitable decarbonization by reducing Scope 1 and Scope 2 CO2 emissions by 15% and by about 17%, respectively, compared to 2020, a reduction that historically would have taken Cemex 16 years to achieve. Based on current emissions levels, Cemex is well on its way to reach its 2025 and 2030 CO2 emissions targets.
“I am proud of our achievements this year, as it marks a pivotal moment in the corporate transformation we envisioned in 2020,” said Fernando A. González, CEO of Cemex. “With the recovery of our investment grade ratings, improved free cash flow generation and the execution of US$2.2 billion in asset divestments, we can now pursue more aggressively our capital allocation priorities of growth through small to medium-sized acquisitions, primarily in the U.S., additional deleveraging, and building further on our shareholder return programs.”