CEMEX Q2 EBITDA of $1.1B missed consensus as US cement volumes slipped 2%. The company cut full-year guidance on higher European energy costs and Latin American currency headwinds.
Alpha Score of 44 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
CEMEX posted second-quarter results Wednesday that showed a slight miss on cement volumes, with U.S. infrastructure demand failing to accelerate as some analysts had expected. The company reported EBITDA of $1.1 billion, up 3% from a year earlier but below the $1.15 billion consensus, according to the earnings presentation.
Cement volumes in the Americas fell 2% year-on-year, driven by weaker residential construction in Mexico and a slower-than-expected ramp in U.S. public works spending. Ready-mix concrete volumes in the U.S. were flat, with the company citing labor shortages on large highway projects as a constraint.
Europe, by contrast, showed modest growth. Cement volumes there rose 1%, supported by infrastructure work tied to EU recovery funds. Germany and Poland were the strongest markets, the presentation said.
CEMEX trimmed its full-year EBITDA guidance to a range of $4.4 billion to $4.5 billion, down from $4.5 billion to $4.6 billion previously. The company cited higher energy costs in Europe and currency headwinds in Latin America.
Net sales came in at $5.2 billion, up 2% on pricing gains that offset lower volumes. The company's net debt fell $200 million from the prior quarter to $7.3 billion, helped by free cash flow generation.
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