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Mexico's Cemex seen narrowing losses in Q3
October 12, 2012 / 10:16 PM / 5 years ago

Mexico's Cemex seen narrowing losses in Q3

* WHAT: Cemex Q3 earnings results
    * WHEN: Monday, Oct 15 before market open
    * REUTERS ESTIMATE: Net loss seen at $16 mln

    MEXICO CITY, Oct 12 (Reuters) - Mexico's top cement maker
Cemex is expected to narrow its net losses in the third quarter
from a year ago helped by improved performance in its key
Mexican and U.S. markets and foreign exchange gains.
    A Reuters poll among six analysts showed that Cemex, on
average, lost $16 million in the July-September period, compared
to a net loss of $822 million in the same period of 2011.
    Analysts' forecasts ranged from a loss of $79 million to
earnings of $50 million, suggesting Cemex could return to
profitability after 11 consecutive quarters in the red.
    The company recently wrapped up a $7.2 billion refinancing
that gave it much-needed room to push back looming debt payments
for up to four years lifting investor sentiment.
    Its shares are up nearly 60 percent so far this year.
    Cemex said it expected third-quarter earnings before
interest, taxes, depreciation and amortization to show a rise of
9 percent from a year earlier in dollar terms but anticipated a
2 percent fall in quarterly sales. The Reuters
poll showed similar results.
    Cemex performance has improved on the back of higher prices
and lower energy costs.
    The company, which operates in more than 50 countries, is
also likely to have lowered its financial costs in the quarter
thanks to the depreciation of the dollar against a basket of
currencies and gains on derivatives.
    Following is a table with the expected results. All figures
in dollars.    
                 2012        2011      CHANGE
 Revenue     3.906 bln   3.967 bln   -1.5 pct 
 EBITDA      713 mln     658 mln     +8.4 pct 
 OP. profit  371 mln     305 mln     +21.6 pct 
 Net loss    16 mln      822 mln     n/a


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