- Cemex (CX +5%) surges after nearly doubling its Q2 net earnings to $205M from $114M in the year-ago quarter, its strongest Q2 in eight years, thanks to increased operating profits and higher sales in its biggest markets.
- Q2 sales rose 6% Y/Y to $3.7B, adjusted for the peso's decline vs. the U.S. dollar and other factors; U.S. net sales gained 3% to $1.04B, while Mexico net sales added 7% to $796M.
- Q2 EBITDA grew 6% to $771M and 16% when adjusted for currencies and discontinued operations; free cash flow after maintenance expenses rose nearly 5x Y/Y to $478M, while debt fell by nearly $1.2B to $14.8B.
- CX says it received $507M in net proceeds from the sale of a stake in its Philippines unit.