CX - Why CEMEX Stock Rose 11% on July 27
Shares of global cement giant CEMEX (NYSE: CX) rose 11% on July 27 following the company's second-quarter 2020 earnings update. Interestingly, the headline on the release didn't actually reference earrings, but that was for a good reason.
The headline numbers here weren't particularly good. CEMEX saw its sales drop 10% year over year in the second quarter, with EBITDA lower by 6%. Earnings from continuing operations came in at just $0.01 per share, down from $0.06 per share in the second quarter of 2019, an 87% decline. It was a rough quarter no matter how you cut it. However, the results beat market watchers' expectations of a loss of $0.02 per share.
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