Mexican cement giant CEMEX reported that its net income increased 18% to US$470 million from US$400 million in the first quarter of 2007.
CEMEX said its consolidated net sales increased 26% in the first quarter of 2008 to US$5.4 billion versus the comparable period in 2007. In fact, the company reported higher sales in all of its regional operations.
Hector Medina, Executive Vice President of Planning and Finance, said: "The strength of our business model allowed CEMEX to complement organic growth with contributions from acquisitions. The diversity of our asset portfolio and the greater synergies identified in the Rinker integration helped CEMEX to overcome a challenging environment. Even in the face of the correction in residential spending experienced in the United States, we continue to reduce debt and improve efficiency. We have a solid financial foundation and remain focused on creating value for our shareholders."
Markets First Quarter Highlights
Net sales in our operations in Mexico increased 2% in the first quarter of 2008 to US$915 million, compared with US$901 million in the same period of 2007.
CEMEX's operations in the United States reported net sales of US$1.2 billion in the first quarter of 2008, up 43% from the same period in 2007.
In Spain, net sales for the quarter were US$517 million, up 1% from the first quarter of 2007.
Net sales in the Rest of Europe region increased 28% during the first quarter of 2008 versus the comparable period in the previous year, reaching $991 million.
CEMEX's operations in South/Central America and the Caribbean reported net sales of US$544 million during the first quarter of 2008, representing an increase of 18% over the same period of 2007.
First-quarter net sales in Africa and the Middle East were US$217 million, up 26% from the same quarter in 2007.
Operations in Asia and Australia reported a 386% increase in net sales, reaching US$475 million, versus the first quarter of 2007. This increase was mainly due to the integration of Rinker's Australian operations.
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