Cemex makes big profit jump in Q1, cuts debt

|By:, SA News Editor

Cemex (CX +1.3%) is higher after reporting a huge increase in Q1 profit to $336M, up from just $35M in the year-ago quarter, citing lower financial expenses and asset sales in the U.S.

CX says Q1 sales rose 1% Y/Y to $3.1B but were up 6% when adjusted for asset sales and currency fluctuations, and EBITDA fell 2% to $559M but gained 2% on a comparable basis.

CX also says it has reduced debt by $470M to $12.6B, and expects to meet its target of paying down $3.5B-$4B for the 2016-17 period.