CHIHUAHUA, Mexico, October 25, 2022 (GLOBE NEWSWIRE) — GCC, SAB de CV GCCa leading supplier and manufacturer of cement and concrete in the United States and Mexico, today announced its results for the third quarter of 2022.
Q3 2022 HIGHLIGHTS
- Consolidated net sales increased 11.8% to $352.8 million
- US sales increased 10.4% as cement and concrete volumes rose 2.2% and 7.7% respectively; Cement volumes were flat excluding oil well cement
- US cement and concrete prices rose 12.2% and 4.2% respectively
- Sales in Mexico increased by 16.8%, reflecting a 2.4% increase in concrete volumes
- Mexico’s cement and concrete prices increased by 13.5% and 7.9% respectively
- EBITDA increased 6.6% to $117.4 million with an EBITDA margin of 33.3%
- Free cash flow increased 10.6% to $105.4 million with a free cash flow conversion rate of 89.8%
- Earnings per share rose 19.2% year over year to $0.2111
- Cash and cash equivalents totaled $732 million
- The ratio of net debt (net debt/EBITDA) was -0.69x as of September 30, 2022
- GCC repurchased 0.6 million shares worth $3.3 million
KEY FIGURES (millions of dollars)
| Q3 22 | Q3 21 | Q3 22 vs Q3 21 | 9M 22 | 9M 21 | 9M 22 vs. 9M 21 | |||||||
| net sales | 352.8 | 315.4 | 11.8% | 879.8 | 780.9 | 12.7% | ||||||
| Operating income before other expenses, net | 93.1 | 85.1 | 9.4% | 200.2 | 183.8 | 8.9% | ||||||
| EBITDA* | 117.4 | 110.1 | 6.6% | 271.4 | 256.6 | 5.8% | ||||||
| EBITDA margin | 33.3% | 34.9% | 30.9% | 32.9% | ||||||||
| Free cash flow** | 105.4 | 95.3 | 10.6% | 169.7 | 155.0 | 9.5% | ||||||
| net income | 69.5 | 58.7 | 18.4% | 135.8 | 121.7 | 11.6% | ||||||
| Earnings per share (US$) *** | 0.2111 | 0.1771 | 19.2% | 0.4109 | 0.3674 | 11.8% | ||||||
*EBITDA: operating result before other expenses + depreciation
**Free cash flow before growth and strategic capital expenditures
***Earnings per share calculated based on the average number of shares outstanding during the quarter
said Enrique Escalante, GCC Chief Executive Officer “Once again, we had an excellent performance. Third quarter results reflect GCC’s continued success in mitigating the impact of today’s exceptional inflation and industry and market headwinds. Our…
