Cemex posts $70mn Q4 profit with higher sales in US, Mexico
- The Monterrey-based company, which operates in more than 50 countries reported a 9% increase in net sales to $3.54 billion.
- In the United States, Cemex's biggest market, net sales increased 8% to $1.0 billion, it said.
MONTERREY: Mexican cement producer Cemex on Thursday reported a net income $70 million for the fourth quarter, compared to a $238 million loss a year earlier, bolstered by an increase in sales in the United States and Mexico.
The Monterrey-based company, which operates in more than 50 countries reported a 9% increase in net sales to $3.54 billion, the highest reported sales in a fourth quarter since 2014, the company said.
In the United States, Cemex's biggest market, net sales increased 8% to $1.0 billion, it said.
In Mexico, government social programs, high levels of remittances, and home improvement projects helped propel a 23% increase in sales to $836 million.
"2020 was one of the most challenging years we have faced but it also was a remarkable year that tested the strengths of CEMEX and several of our recent strategic initiatives," CEO Fernando Gonzalez said.