Cemex Latam Gains After First Earnings Report: Bogota MoverChristine Jenkins
Cemex Latam Holdings SA, a cement maker with operations in Central and South America, rose to a record after the company said a measure of profit surged 38 percent in the fourth quarter as revenue climbed 23 percent.
Shares rose 0.9 percent to 13,400 pesos at 10:06 a.m. in Bogota. Earlier they rose 1.7 percent to 13,500 pesos, the highest on an intraday basis since they started trading in November. The shares have climbed more than 9 percent since then.
Earnings before interest, taxes, depreciation and amortization, or Ebitda, from operations rose to $141 million in the last three months of 2012 as net sales increased to $404 million, the Bogota-based company said today in a filing.
“A very positive surprise was their Ebitda margin, helped by good results in Colombia as they kept costs under control,” said Esteban Polidura, a Deutsche Bank AG analyst in Mexico City. “The only thing that could hold back the stock is if it’s seen as too expensive after its gain.”
Net income was $88 million, the company said without giving the amount for a year earlier.
The earnings report was Cemex Latam’s first as a publicly traded company, after its Monterrey, Mexico-based parent Cemex SAB sold shares in Cemex Latam in November.