By Anthony Harrup
MEXICO CITY--Mexican cement and construction materials company Cemex SAB de CV swung to a profit in the third quarter, with revenue rising on higher prices but increased costs cutting into operating gains.
The Monterrey-based company reported net profit of $494 million in the July-September period, compared with a loss of $376 million in the year-earlier quarter that was affected by a $500 million impairment charge.
Lower financial expenses also contributed to the higher profit, which was equivalent to 18 cents an American depositary share.
Revenue grew 7% to $3.96 billion, while operating profit fell 19% to $363 million and earnings before interest, taxes, depreciation and amortization fell 10% to $649 million.
Double-digit price increases in all regions lifted revenue, but "stubbornly high inflation and supply chain headwinds have delayed our ability to regain margins," Cemex said.
Cement sales by volume fell 7% to 15.7 million metric tons, while ready mix concrete and aggregates volumes were each up 2% to 12.8 million cubic meters and 36.2 million metric tons, respectively.
Cemex said it expects Ebitda of about $2.7 billion for 2022, down from $2.86 billion in 2021. Previously the company had been projecting low-to-mid single-digit Ebitda growth for this year.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
10-27-22 0839ET