GCC, a supplier and producer of cement and concrete in the United States and Mexico, reported consolidated net sales increased 17.9% year-on-year to $416.1 million in the third quarter of 2023.
U.S. sales grew 11.3% during the quarter as cement and concrete prices rose 12.4% and 17.1%, respectively. GCC said concrete volumes in the region increased 1.1%.
Mexico sales during the third quarter increased 39.3% reflecting a 2.9% and 6% increase in cement and concrete volumes, respectively. Sales excluding the appreciation of the Mexican peso increased by 19.7%. GCC said cement and concrete prices in Mexico increased by 8.2% and 16.5%, respectively.
“Once again, GCC achieved double-digit growth in both top and bottom-line, driven by our commitment to excellence, and our strong client relationships. Our teams’ ability to navigate market conditions has enabled us to further strengthen our margins,” said Enrique Escalante, GCC’s chief executive officer. “Throughout the quarter, we continued to invest in our business, we focused on commercial performance to offset cost inflation and enhance margins, and on reinforcing our market position to build a stronger future for GCC.”
