Cemex Shares Look Attractive as Temporary Headwinds Obscure Healthy Underlying Cement Market
Cemex’s cement volume grew by 7% in the fourth quarter, leading to a 4% gain in like-for-like sales to $3.4 billion. For the full year, cement volume was largely flat, but sales grew by 3% to $13.7 billion as the company’s value-over-volume strategy took hold. Despite better revenue, higher energy costs weighed on margin, leading to a 180-basis-point operating EBITDA margin retraction for the year to roughly 19% compared with nearly 21% in 2016. However, rising energy costs look like a temporary...
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