By Anthony Harrup
MEXICO CITY--Mexican buildings materials company Cemex posted 13% higher net profit in the first quarter as revenue increased with higher prices offsetting lower sales volume in most markets.
Cemex reported on Thursday net profit of $254 million for the January-March quarter, or 17 cents an American depositary share, compared with $225 million in the first quarter of 2023.
Sales rose 3% to $4.14 billion thanks to higher prices.
Cement sales by volume were down 2% at 12 million metric tons, aggregates volume fell 2% to 31.6 million metric tons, and ready mix concrete volume dropped 12% to 10.3 million cubic meters. The company attributed the declines to fewer working days and bad weather in many markets, including in the U.S.
Cemex reported $772 million in earnings before interest, taxes, depreciation and amortization, up 5% from the year-earlier period and a record for a first quarter. Ebitda was supported by higher prices and lower cost inflation, as well as the company's growth investment strategy, Cemex said.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
04-25-24 0831ET