Cemex, S.A.B. de C.V. announced that, on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, consolidated net sales increased by 2 percent during the fourth quarter of 2015 to $3.4 billion, and increased 5 percent for the full year 2015 to $14.1 billion versus the comparable periods in 2014. Operating EBITDA on a like-to-like basis increased by 7 percent during the fourth quarter to $663 million, and increased 9 percent for the full year to $2.6 billion versus the comparable periods of 2014.
The increase in consolidated net sales, on a like-to-like basis, was due to higher prices of the company’s products, in local currency terms, in most of its operations, as well as higher volumes in the U.S., and the Mediterranean and Asia regions.
Cemex CEO Fernando A. Gonzalez said: “Despite a challenging macroeconomic environment which has affected many of our markets, our industry, and Cemex in specific, we have been able to meet these challenges and deliver strong operating and financial results, on a like-to-like basis.
“Our full-year net income was positive for the first time in six years. In addition, our operating EBITDA increased by 9 percent, on a like-to-like basis, reflecting our cost-reduction program of $150 million as well as a positive operating leverage in several of our markets, which translated into a 1.1 percentage-point improvement in operating EBITDA margin. I am particularly pleased with the growth in our free cash flow after maintenance capex of more than $480 million, which enabled us to reduce our debt by close to $1 billion during the year.”
Cemex’s U.S. operations reported net sales of $967 million in the fourth quarter of 2015, up 5 percent from the same period in 2014. Operating EBITDA increased 26 percent to $173 million in the quarter, versus $138 million for the prior year.
Operations in South, Central America and the Caribbean reported net sales of $436 million during the fourth quarter of 2015, a decrease of 15 percent over the same period of 2014. Operating EBITDA decreased 25 percent to $125 million in the quarter, from $165 million for the prior year.