Mexico: Cemex’s operating earnings have fallen in Mexico and the US. Its net sales fell by 3% year-on-year to US$13.1bn in 2019 from US$13.5m in 2018. Its cement sales volumes dropped by 7% to 62.8Mt from 67.2Mt. Its operating earnings before interest, taxation, depreciation and amortisation (EBITDA) decreased by 11% to US$2.38bn from US$2.69bn.

“In a very challenging year with weaker macroeconomic and market conditions prevailing in several of our operations, we were able to limit the downside to our EBITDA and free-cash-flow generation through the decisive and proactive initiatives under our ‘A Stronger Cemex’ program,” said Fernando A Gonzalez, chief executive officer of Cemex. He added that the group was ‘cautiously optimistic’ about its outlook for 2020, with market improvements expected in Mexico and the US.

By region, sales and earnings fell in Mexico due to decline in public and private investment. In the US sales grew, but earnings fell, in a market beset by bad weather, weak residential performance and competition in Florida. Sales and earnings grew in Europe on a like-for-like basis driven by infrastructure demand. Elsewhere sales and earnings fell, although a stronger market was noted in Colombia.