GCC, S.A.B. DE C.V. Q3 2023 HIGHLIGHTS
- Consolidated net sales increased 17.9% year-on-year, to
US$416.1 million U.S. sales grew 11.3% as cement and concrete prices rose 12.4% and 17.1%, respectivelyU.S. concrete volumes increased 1.1%Mexico sales increased 39.3% reflecting a 2.9% and 6% increase in cement and concrete volumes, respectively.Mexico sales excluding the appreciation of the Mexican peso increased by 19.7%Mexico cement and concrete prices increased by 8.2% and 16.5%, respectively- EBITDA increased 35% to
US$158.5 million with a 38.1% EBITDA margin - Free cash flow totaled
US$123.6 million with a 77.9% free cash flow conversion rate - Cash and equivalents totaled
US$857.3 million - Net leverage (net debt/EBITDA) ratio totaled -0.82x as of
September 2023 - Earnings per share increased 53.4% year-on-year, to
US$0.3238 - GCC repurchased shares in the net amount of
US$0.6 million
| Q3 23 | Q3 22 | Q3 23 vs. Q3 22 | 9M 23 | 9M 22 | 9M 23 vs. 9M 22 | |
| Net sales | 416.1 | 352.8 | 17.9% | 1,024.1 | 879.8 | 16.4% |
| Operating income before other expenses, net | 135.5 | 93.1 | 45.5% | 284.7 | 200.2 | 42.2% |
| EBITDA* | 158.5 | 117.4 | 35.0% | 354.2 | 271.4 | 30.5% |
| EBITDA margin | 38.1% | 33.3% | 34.6% | 30.9% | ||
| Free cash flow** | 123.6 | 105.4 | 17.2% | 126.4 | 158.8 | -20.4% |
| Net income | 105.8 | 69.5 | 52.1% | 220.3 | 135.8 | 62.3% |
| Earnings per share (US$) *** | 0.3238 | 0.2111 | 53.4% | 0.6735 | 0.4109 | 63.9% |
*EBITDA: Operating income before other expenses + depreciation and amortization
**Free cash flow before growth and strategic CapEx
***Earnings per share calculated based on average number of outstanding shares during the quarter
Enrique continued, “Throughout the quarter, we continued to invest in our business, we focused on commercial performance to offset cost inflation and enhance margins, and on reinforcing our market position to build a stronger future for GCC.”
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ABOUT GCC
GCC is a leading supplier and producer of cement, concrete, aggregates and construction‐related services in
Founded in 1941, the Company’s shares are listed on the
Forward Looking Statements
This earnings report may contain forward-looking statements. All statements that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “intend,” “project” and similar expressions are generally intended to identify forward-looking statements. These statements are subject to risks and uncertainties including, among others, changes in macroeconomic, political, legal, public health crises including COVID-19, governmental or business conditions in the markets where GCC operates; changes in interest rates, inflation rates and currency exchange rates; performance of the construction industry; and pricing, business strategy and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from the beliefs, projections and estimates described herein. GCC assumes no obligation to update the information contained in this press release. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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GCC Investor Relations
Sahory Ogushi
+52 (614) 442 3176
+ 1 (303) 739 5943
soguship@gcc.com
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