Cemex, S.A.B. de C.V.NYSE
Cemex Trying To Rebuild Support
Stephen Simpson, CFA
Stephen Simpson, CFA
Cemex At Last?
Stephen Simpson, CFA
Stephen Simpson, CFA
Today, 11:57 AM
- CEMEX (NYSE:CX) announces that it's divesting CEMEX Concretos’ ready-mix concrete pumping assets in Mexico to Spain-based Pumping Team S.L.L. for approximately $80M. An additional $29M payment is contingent on future performance targets.
- The company says the assets being divested consist mainly of CEMEX Concretos’ 507 ready-mix concrete pumping units and other related assets.
- “This strategic divestment will allow us to increase our focus on our core ready-mix concrete business while transferring pumping services to a specialized company, thereby ensuring continued quality to our customers," says Cemex Mexico president Juan Romero.
- The transaction is expected to close in the first quarter of 2017. Proceeds will go toward debt reduction and for general corporate purposes.
- CEMEX has been widely discussed as a Trump trade.
- Previously: Stocks poised to gain from Trump's wall (Nov. 9)
- Source: Press Release
Wed, Nov. 9, 2:44 AM
- With Donald Trump elected as the 45th President of the United States, one of the biggest beneficiaries might be Mexican cement company Cemex (NYSE:CX).
- Trump has campaigned to build a wall on the Mexican border and immediately begin the process of deporting illegal immigrants with criminal records.
- Other beneficiaries: MLM, VMC, GVA, TTEK, X, NUE, STLD, DE, CAT, FLR, KBR
Thu, Oct. 27, 10:47 AM
- Driven by a jump in sales in its home country, where it boosted prices, Cemex (CX -3%) reported a better-than-expected quarterly net profit of $286M, compared with a loss of $44M a year earlier.
- But sales fell 1.6% to $3.5B, due to the depreciation of currencies in the emerging markets in which the company operates.
- Free cash flow increase by 25% to $470M. Cemex also lowered its debt by 10% during the quarter to $13.97B and expects to reduce its debt by up to $2.5B this year.
- Q3 results
Thu, Oct. 27, 6:26 AM
Thu, Oct. 6, 7:41 AM
- Cemex (NYSE:CX) has appointed a new chairman and chief executive for its Latam subsidiary, after some former executives were fired amid investigations into improper payments relating to a land deal in Colombia.
- Juan Pablo San Agustin was named chairman of the board of Cemex Latam Holdings, while Jaime Muguiro was named its new chief executive.
- The company also named Ricardo Naya as the director of Cemex Colombia.
Mon, Sep. 12, 7:50 AM
- One of Cemex's (NYSE:CX) subsidiaries in the U.S. has signed a definitive agreement for the sale of its Fairborn, Ohio cement plant and cement terminal in Columbus, Ohio, to Eagle Materials (NYSE:EXP) for ~$400M.
- 2016 EBITDA for the divested assets is estimated to be $33M.
- The proceeds obtained from this transaction will be mainly used for debt reduction and for general corporate purposes.
Tue, Sep. 6, 2:58 PM
- Sempra Energy's (SRE +1.4%) IEnova Mexican unit said yesterday it agreed to buy two wind farms in northeastern Mexico from a group led by units of Blackstone (BX -0.6%) for $375M.
- IEnova also will assume $477M in debt related to project financing, valuing the transaction at $852M.
- The Ventika I and Ventika II wind farms, which are adjacent to each other in the state of Nuevo León, include 84 wind generators with a combined electricity generation capacity of 252 MW.
- IEnova says the acquisition is part of its plan for short-term and medium-term growth, and will increase its operations in renewable energy.
- Mexican cement maker Cemex (CX +0.4%) will continue to manage the farm, which was completed in December and started operating in April.
Mon, Aug. 29, 7:49 AM
- Cemex (NYSE:CX) is participating in the proposed corporate restructuring of Grupo Cementos de Chihuahua (OTC:GCWOF), in which it currently owns an indirect minority interest.
- Following the restructuring, Cemex will directly own 23% of the outstanding share capital of GCC and, additionally, own a minority interest in CAMCEM, an entity which in turn will own a majority interest in GCC.
Wed, Jul. 27, 11:25 AM
- 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.
Wed, Jul. 27, 6:21 AM
Mon, Jul. 18, 1:55 PM
- If Donald Trump becomes U.S. president and builds a wall on the Mexican border, one of the biggest beneficiaries might be Mexican cement company Cemex (CX +3%).
- Bernstein analysts say CX, with operations on both sides of the border, would be “best positioned” to profit from such a large construction project, as such a wall likely would emulate the design of a barrier separating Israel from the West Bank, much of which was built with precast concrete panels.
- Noting that it is not economically feasible to transport heavy building materials over large distances, Bernstein believes the companies with production facilities closest to the border would stand to gain the most as suppliers to Trump's wall.
- Other beneficiaries could include Martin Marietta Materials (MLM +0.8%) and Vulcan Materials (VMC +0.1%), the firm says.
Mon, Jul. 18, 7:05 AM
- Shares of Cemex Holdings Philippines, a unit of cement giant Cemex (NYSE:CX), opened at 11.20 pesos today, above the 10.75 peso offer price for Southeast Asia's second-largest IPO this year.
- Cemex Philippines is banking on the new government's pledge of massive infrastructure spending and an ongoing private sector construction boom.
Fri, Jul. 15, 8:24 AM
- Cemex (NYSE:CX), which has been selling assets to cut debt, announced an offer to buy back up to $400M in debt in April, but had said it would not repurchase more than $150M of the 2022 debt.
- However, the company said debtholders agreed to an early tender of the 9.375% notes falling due in 2022, with the company agreeing to pay $353M.
- Cemex is expected to make the payment on July 19. It's not clear why it amortized more than previously contemplated.
Tue, Jul. 12, 7:24 PM
- Cemex (CX +4.1%) says it's getting a €106M loan from the International Finance Corporation.
- The funds from the IFC -- the private-sector investment wing of the World Bank -- are set to help Cemex with its sustainable investments in emerging markets, including reducing greenhouse gas emissions (about 60% of the funds) and boosting overall air emission controls, it said.
- That covers projects that were completed in 2014 and 2015 and ongoing projects in 2016.
Wed, Jun. 29, 7:54 AM| Wed, Jun. 29, 7:54 AM
Mon, Jun. 20, 8:11 AM| Mon, Jun. 20, 8:11 AM