Quarterly Comment: Cemex
Dynamic Q4; 2017 outlook favorable on the back of strong pricing despite subdued volumes
Mexican cement maker Cemex, has published another set of sound results in 4Q16 and met all its 2016 targets in terms of cost reduction, FCF, and deleveraging. Similarly to the previous quarters, operational improvements were primarily driven by Cemex’s key regions Mexico (21% of revenues; 38% of EBITDA) and the US (27% of revenues; 23% of EBITDA). Again, general price increases in local terms, which have allowed to recover some of the lost ground over the past few years,were the main driver behind the operational recovery...​
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