Cemex SAB (CEMEXCPO), the largest cement maker in the Americas, lost money for the 17th straight quarter as sales fell again in the company’s home market.
The net loss in the three months ending Dec. 31 was $255 million compared with $494 million a year earlier, the Monterrey, Mexico-based company said in a statement today. Operating earnings before interest, taxes, depreciation and amortization advanced 4 percent to $642 million, trailing the $655.1 million average of 10 analyst estimates compiled by Bloomberg.
A slowdown in Mexico’s housing industry and public-works spending has extended Cemex’s streak of losses after the company emerged from a steep decline in the U.S. residential market. Fourth-quarter sales in Mexico dropped 5.6 percent to $785 million while the company’s total revenue climbed 4.4 percent to $3.87 billion, buoyed by gains in the U.S., Europe and South America, Central America and the Caribbean.
“Last year was a bad year in Mexico,” Fernando Bolanos, an analyst with Monex Casa de Bolsa who has a buy recommendation on the shares, said in a telephone interview before results were announced. “In Mexico, we don’t expect volumes to improve until the third quarter of this year.”
To contact the reporter on this story: Brendan Case in Mexico City at firstname.lastname@example.org
To contact the editor responsible for this story: Ed Dufner at email@example.com