ADVFN - Advanced Financial Network.
HOME» NYSE » C » CX Stock Price » CX Stock News

Cemex Share News

 Cemex S.a.b. De C.v. Stock Price
CX Stock Price
 Cemex S.a.b. De C.v. Stock Chart
CX Stock Chart
 Cemex S.a.b. De C.v. Stock News
CX Stock News
 Cemex S.a.b. De C.v. Company Information
CX Company Information
 Cemex S.a.b. De C.v. Stock Trades
CX Stock Trades

Mexico's Cemex: Improving Business Reduces Need For Asset Sales

--Cemex sees $250M-300M in 2012 asset sales vs $500M previously --Operating performance improves, especially in the U.S. --US business, long a burden, nears break-even By Amy Guthrie Of DOW JONES NEWSWIRES MEXICO CITY -(Dow Jones)- Mexican cement and building materials company Cemex SAB de CV (CX, CEMEX.MX) said Thursday that an improved operating environment, particularly in the U.S., reduces the company's need to sell assets as it continues to carry a hefty debt load. Fernando Gonzalez, Cemex's executive vice president of finance and administration, told analysts during a conference call that the company could sell between $250 million and $300 million of non-cash flow generating assets, such as land, during 2012. Earlier this year the company predicted $500 million in asset sales, while in September it had targeted $1 billion in asset sales by end-2012. During the first quarter Cemex sold $27 million worth of assets. Cemex owed a total debt of $18.17 billion as of the end of March. The company says it doesn't face any significant debt payments until December 2013. Gonzalez said Cemex expects to see volume sales improve in the mid-single-digits this year in the U.S., combined with a continued increase in pricing for Cemex products. Cemex raised its U.S. cement prices in some geographic areas during the first quarter, with increases in others during April, and it expects to raise prices again during the second half of the year. "We are confident that the recovery in the U.S. construction sector is under way," Gonzalez said. Favorable weather conditions in the U.S. pushed up demand there beyond expectations during the first quarter, leading Cemex to tap product inventories, which carry a higher cost of sale. The company also opted to conduct maintenance during the quarter. Those two temporary factors nudged Cemex's U.S. operations to an operating earnings before interest taxes, depreciation and amortization, or Ebitda, to a loss of $24 million for the period. Excluding the impact of maintenance and drawing down on product inventories, Cemex's U.S. operations would have almost been profitable in the first quarter, said Maher Al-Haffar, Cemex's vice president of corporate communications, public affairs and investor relations. The U.S. performance is especially encouraging given that the first quarter is typically Cemex's weakest, Al-Haffar added. The U.S. accounted for close to 20% of Cemex's $3.5 billion in first-quarter sales. Volume sales in California and Texas increased by more than 20% on the year during the first quarter, whereas improvements in Florida lagged. Nonetheless, Cemex has a positive outlook for Florida going forward given the sharp increase in new housing permits there, Al-Haffar said. Cemex maintained its 2012 sales projections across geographic areas, estimating 2% growth in consolidated cement volumes, 5% growth in ready-mix products and 3% growth for aggregates. The company expects a capital expenditure of $600 million this year. -By Amy Guthrie, Dow Jones Newswires; (5255) 5980-5177; amy.guthrie@dowjones.com

Stock News for Cemex (CX)
DateTimeHeadline
07/14/201620:00:00CEMEX Announces Early Tender Results for 9.375% Senior Secured...
07/12/201617:30:00CEMEX Obtains ‘Green’ Financing from IFC
06/29/201622:30:00CEMEX Announces Tender Offer for 9.375% Senior Secured Notes...
06/29/201620:45:00CEMEX Announces Pricing of the Sale of a Minority Stake in the...
06/23/201617:30:00CEMEX Contributes to Extension of Los Angeles Metro
06/20/201606:30:00CEMEX Subsidiary in the Philippines Receives Pre-Effective Approval...
06/09/201608:08:00Corporate Social Responsibility Related News Releases and Story...
06/08/201619:56:00CEMEX Announces Pricing of €400 Million in Senior Secured Notes
06/08/201603:54:00CEMEX Announces Offering of Senior Secured Notes
06/06/201617:30:00El Carmen Celebrates 15 Years of Biodiversity Conservation and...
05/26/201617:30:00CEMEX Closes Bangladesh and Thailand Transaction
05/26/201608:08:00Corporate Social Responsibility Related News Releases and Story...
05/19/201618:00:00CEMEX Expands Reach of Its Social Strategy to at Least 15 Million...
05/09/201621:45:00CEMEX Announces Early Tender Results for Certain Senior Secured...
05/05/201608:08:00Corporate Social Responsibility Related News Releases and Story...
05/04/201606:30:00CEMEX Creates Fire and Explosion Proof Concrete
05/02/201612:50:00Cemex to Sell U.S Assets to Grupo Cementos de Chihuahua for $400...
05/02/201606:30:00CEMEX to Divest Certain Assets in the U.S.
04/28/201617:15:00CEMEX Announces Subscription Issue Price of New CPOs
04/28/201606:30:00CEMEX Reaffirms Its Commitment to Contribute to a Low-Carbon...

Cemex and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad