CEMEX(US:CX)2025-04-28 10:11Financial Performance - Revenues for 2024 were $16,200 million, a decrease of 2.1% from $16,554 million in 2023[5] - Gross profit for 2024 was $5,439 million, down from $5,575 million in 2023, reflecting a gross margin of 33.5%[5] - Consolidated net income increased to $960 million in 2024, compared to $199 million in 2023, marking a significant growth[5] - Basic earnings per share from continuing operations rose to $0.0206 in 2024, compared to $0.0023 in 2023[5] - The total comprehensive income for the period was $641 million, down from $406 million in 2023, reflecting a significant decrease in other comprehensive income[16] - The EBITDA for 2024 was $3,078 million, representing a decrease of 2.3% compared to $3,149 million in 2023[62] - Operating earnings before other expenses for 2024 were $1,828 million, down from $1,959 million in 2023, indicating a decline of 6.7%[62] - The company reported a net financial expense of $555 million in 2024, compared to $539 million in 2023, indicating an increase of 3%[62] - The consolidated operating expenses for 2024 were $2,270 million, a decrease from $2,349 million in 2023, showing a reduction of 3.4%[62] - The company reported net assets by segment of $12,477 million in 2024, down from $12,116 million in 2023, suggesting a need for strategic asset management[65] Assets and Liabilities - Total assets decreased to $27,299 million in 2024 from $28,433 million in 2023, indicating a reduction in asset base[10] - Total liabilities decreased to $14,822 million in 2024 from $16,317 million in 2023, reflecting improved financial health[10] - As of December 31, 2024, total equity increased to $12,477 million from $10,909 million in 2023, representing a growth of 14.4%[16] - The balance of retained earnings as of December 31, 2024, was $5,247 million, up from $4,428 million in 2023, indicating a positive trend in profit retention[16] - As of December 31, 2024, consolidated total assets amounted to $27,299 million, an increase from $28,433 million in 2023, with total liabilities at $14,822 million[65] Cash Flow and Investments - Cash and cash equivalents at the end of 2024 were $864 million, an increase from $624 million in 2023[13] - The company reported a cash flow from operating activities of $1,753 million in 2024, compared to $2,068 million in 2023[13] - Investment in property, machinery, and equipment was $1,000 million in 2024, up from $865 million in 2023, indicating ongoing capital expenditures[13] - Capital expenditures for 2024 were $1,380 million, slightly down from $1,417 million in 2023, indicating a cautious approach to investment[65] Market and Strategic Initiatives - The company plans to focus on market expansion and new product development to drive future growth[5] - Cemex's strategy includes expanding its aggregates business in the U.S. through the acquisition of a non-controlling interest in a new entity specializing in aggregates production[93] Acquisitions and Divestitures - Cemex acquired a 51% controlling interest in RC-Baustoffe Berlin for $4 million, which processes up to 0.4 million tons of materials annually[38] - The acquisition of Kiesel for $13 million included a production facility and five distribution locations, with goodwill determined at $5 million[39] - Cemex completed the asset acquisition of Atlantic Minerals for $75 million, securing a long-term aggregates reserve for operations in Florida and the east coast of the U.S.[40] - The divestiture of operations in the Philippines was completed for $798 million, including two cement plants with a capacity of 5.7 million metric tons per year[47] - The sale of operations in Guatemala generated a total consideration of $212 million, with a gain on sale of $163 million recognized[49] - Cemex announced the sale of its operations in the Dominican Republic for $950 million, with assets primarily consisting of a cement plant and related facilities[50] Debt and Financing - As of December 31, 2024, Cemex's total consolidated debt was $5,529 million, a decrease from $6,228 million in 2023, representing a reduction of approximately 11.2%[130] - The company had current debt of $189 million and non-current debt of $5,340 million as of December 31, 2024[130] - Cemex's floating rate debt had an effective interest rate of 5.1% in 2024, down from 6.4% in 2023, while fixed rate debt had an effective rate of 7.3% in 2024 compared to 4.4% in 2023[130] - The company issued new debt instruments totaling $5,048 million in 2024, significantly higher than $2,938 million in 2023[130] - Debt repayments in 2024 amounted to $5,497 million, an increase from $3,840 million in 2023[130] - The company had lines of credit totaling $3,712 million as of December 31, 2024, with $2,311 million available under the revolving credit facility[133] Risk Management - Cemex's risk management strategy includes the use of derivative financial instruments to mitigate exposure to commodity price fluctuations and foreign exchange risks[180] - The maximum exposure to credit risk as of December 31, 2024, was represented by the balance of financial assets, with management implementing policies for customer credit authorization[182] - As of December 31, 2024, Cemex's estimated potential expected losses based on the ECL model was $77 million[183] Segment Performance - The United States segment generated $5,194 million in external revenues in 2024, a slight decrease from $5,338 million in 2023[60] - Mexico's external revenues in 2024 were $4,745 million, down from $4,855 million in 2023, reflecting a 2.3% decline[60] - The EMEA region's total sales in 2024 amounted to $2,737 million, with the United Kingdom contributing $953 million and Germany $424 million[60] - The SCA&C segment reported total sales of $1,301 million in 2024, with Colombia generating $466 million and Panama $125 million[60]