GCC, a leading supplier and producer of cement and concrete in the United States and Mexico, announced solid results for the first quarter of 2022.
Consolidated net sales increased 15.7% to $206.9 million in the first quarter. EBITDA increased 10.2% to $54.5 million with a 26.4% EBITDA margin.
U.S. sales increased 20.6% in the quarter as cement and concrete volumes increased 10.3% and 15.7%, respectively. Cement and concrete prices in the U.S. rose 10.3% and 1.3%, respectively, during the first quarter.
Mexico sales increased 7.5% in the first quarter as concrete volumes increased 9.1%. Cement and concrete prices in Mexico increased 11.7% and 8.1%, respectively, during the quarter.
Enrique Escalante, GCC’s chief executive officer, said, “GCC is off to an excellent start this year. We are pleased with the results delivered during this quarter and of the way we are overcoming a high inflation environment amid global challenges.
“One of our top priorities is being extremely vigilant in offsetting cost pressures as we capitalize on market opportunities and focus our efforts in maximizing production and terminal outputs. Market trends and full-year backlogs are encouraging for 2022; therefore, we expect to end the year in line with our high-single to double-digit EBITDA growth guidance,” he concluded.