By Anthony Harrup


MEXICO CITY--Mexican cement maker Cemex SAB swung to a net loss in the fourth quarter on asset impairments, while sales grew from a year earlier thanks to higher prices.

Monterrey-based Cemex, one of the world's largest building materials companies, on Monday reported a $99 million loss for the October-December quarter, or 12 cents an American Depositary Share, compared with a $195 million profit in the year-earlier period.

The fourth-quarter loss was mostly due to a noncash $390 million impairment of goodwill and fixed assets as a result of higher global inflation and rising interest rates, largely affecting assets in the U.S. and Spain, Cemex said.

Sales in the fourth quarter rose 8%, to $3.9 billion, driven by higher prices. Cement sales volume was down 6%, to 15.6 million metric tons, while ready-mix concrete and aggregates volumes each fell 3%, to 12.1 million cubic meters and 33.7 million metric tons, respectively.

Earnings before interest, taxes, depreciation and amortization, a measure of profitability, slipped 2% from the fourth quarter of 2021, to $630 million.

For all of 2022, sales rose 8%, to $15.6 billion; Ebitda fell 6%, to $2.7 billion; and net profit grew 14%, to $858 million. For 2023, Cemex forecasts Ebitda growth in low single digits, and sees low single digit-declines in cement and ready mix concrete volume.

Capital expenditures for this year are projected at $1.25 billion, including $850 million for maintenance.


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

02-13-23 0838ET