CEMEX reported that consolidated net sales increased 9%, on a year-over-year basis to $3.4 billion in the first quarter of 2021. Operating EBITDA improved 28% to $684 million, while the EBITDA margin increased to 20.1%, 2.8 percentage points higher year over year.
The company attributed the robust EBITDA performance in the quarter to significant momentum in cement volumes, higher prices and operational leverage in the business.
“We are quite pleased with our first quarter results where we achieved some important milestones and advanced significantly against our Operation Resilience goals, despite persistent challenges from COVID in many markets” said Fernando A. González, CEO of CEMEX. “First quarter performance convinces me that we should be entering a period of sustainable growth for our major markets and we will likely reach two of our Operation Resilience goals well in advance of the 2023 timetable: achieving an investment grade capital structure and a higher than 20% consolidated EBITDA margin.”
Net sales in Mexico increased 19% to $822 million for the quarter. Operating EBITDA jumped 27% to $299 million, versus the same period of the previous year. Meanwhile, operations in the United States reported net sales of $1.0 billion, an increase of 5% from the same period in 2020. Operating EBITDA grew 21% to $196 million versus the same quarter of 2020.
CEMEX’s operations in the South, Central America and the Caribbean region reported net sales of $424 million, an increase of 15% over the same period of 2020. Operating EBITDA improved 40% to $123 million in the first quarter of 2021, in contrast to the same quarter of 2020.