GCC, a leading supplier and producer of cement and concrete in the United States and Mexico, announced its results for the fourth quarter and full year of 2023. Consolidated net sales increased 16.7% to $1,363.9 million for the full year, while EBITDA increased 30.6% to $472.4 million with a 34.6% EBITDA margin.
“GCC had an outstanding performance during 2023, achieving year-on-year growth in both top and bottom-line. Our record-breaking financial performance was driven by strong client relationships and operational excellence,” said GCC chief executive Enrique Escalante. “Looking forward, our focus on executing strategic initiatives and enhancing competitive advantages will fortify our margins, aligning our vision for continued success with our commitment to sustainability.”
For the year, U.S. sales grew 11.6% to $938.3 million as cement and concrete prices rose 14.1% and 13.7%, respectively. U.S. concrete volumes increased 5.9%, which partially offset a 5.1% decrease in cement volumes. For the fourth quarter, sales increased by 19.6% to $237.2 million and represented 70% of GCC’s consolidated net sales. This was due to an 8.4% and 9.6% increase in cement and concrete prices, respectively, and a 5.3% and 7.8% increase in cement and concrete volumes, respectively.
Mexico sales for the full year increased 29.9% to $425.6 million, reflecting a 2.2% and 5.2% increase in cement and concrete volumes, respectively. The sales jump was also due to an increase of cement and concrete prices by 10% and 13.5%, respectively. For the fourth quarter 2023, Mexico sales increased by 13.8% to $102.7 million, representing 30% of GCC’s consolidated net sales. This was due to an 8.2% and 12.5% increase in cement and concrete prices, respectively, which were partially offset by a 7.2% and 4.2% decrease in cement and concrete volumes, respectively.
