CX - Cemex reports $1.5B quarterly loss on impairments

Cemex ([[CX]] -1.3%) reported Q3 net loss of $1.54B despite a rise in sales, hit by non-cash impairment of $1.5B and higher financial expenses. EBITDA was up 10% to $51M.Earlier this month, the company announced impairment of $1.02B in goodwill linked to its U.S. operations. Cemex also recognized a $480M impairment charge on idle assets and permits mostly related to its U.S. operations. The company said it does not plan to restart these operations and will instead switch production to more efficient plantsQ3 sales rose to $3.4B, up 3% Y/Y and 17% sequentially, led by a rebound from Q2 declines across all of Cemex’s markets except for the U.S.Consolidated cement volume increased 3% to 16,476k metric tonnes, while ready-volume was down 2% to 13,058k cubic meters.The company expects capital budget of $750M-$780M this year.

For further details see:

Cemex reports $1.5B quarterly loss on impairments