GCC, S.A.B. de C.V., a supplier and producer of cement and concrete in the United States and Mexico, announced its results for the fourth quarter and full year of 2022.
Consolidated net sales in the fourth quarter of 2022 increased 12.3% year-on-year to $289.7 million, while consolidated net sales increased 12.6% to $1,169.5 million for the full year.
U.S. sales in the fourth quarter expanded 8% as cement and concrete prices increased by 16.2% and 12.5%, respectively. Mexico sales grew 23% in the quarter reflecting a 10% increase in concrete volumes. Cement and concrete prices increased by 12.5% and 10.2%, respectively, in Mexico during the quarter.
For the full year, U.S. sales grew 12% as cement and concrete volumes increased 2.9% and 3.1%, respectively. Mexico sales for the year increased 14% reflecting an 8.6% increase in concrete volumes. Cement and concrete prices rose 12.1% and 4.4%, respectively, in the U.S., and 12.5% and 8.7%, respectively, in Mexico.
“GCC’s focus on operational excellence enabled us to deliver strong results in an unprecedented market environment. We continue to anticipate challenges, mitigating their potential effects while also capitalizing on important opportunities,” said Enrique Escalante, GCC chief executive officer. “Our team will continue to adapt to the evolving operating dynamics in the year ahead, as these will present further occasions for us to again leverage our exceptional competitive advantages.”