Mexico’s Cemex to slash debt faster as profit beats expectations

07/27/2016 Reuters

cemexMexico’s Cemex, one of the world’s largest cement producers, on Wednesday said it aims to cut debt over the next two years more than it previously planned as it reported that its quarterly profit unexpectedly surged by 81 percent.

Shares in Cemex rose more than 4.14 percent to 13.57 pesos by 1:25 p.m. local time.

The company said second-quarter net profit rose to $205 million, almost double analysts’ estimate of $107 million in a Reuters poll, boosted by its Mexico business and exchange rate gains.

Cemex also said it now aims to cut total debt by $3 billion to $3.5 billion in the next two years, up from a previous target of up to $2 billion. It aims to sell assets worth up to $2 billion, up from a previous goal of $1 billion to $1.5 billion.

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How Trump’s Business Logic Dissipates When It Comes to Mexico

06/22/16 Bloomberg

trumpKick at the loose soil on the edges of Monterrey, Mexico, these days and you’re less likely to turn up rattlesnakes or tarantulas than in the days before the fruits of Nafta transformed it into the object of Donald Trump’s scorn.

The presidential candidate, critical of Midwestern U.S. manufacturers Carrier Corp. and Mondelez International Inc. for seeking lower-cost production, would find more than enough gleaming glass and metal to suit his design aesthetic. It’s got practically everything you would want in a model modern industrial powerhouse, except to those who need a passport to get                                                there.

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Mexico’s Cemex eyes $855-M IPO in the Philippines

3/14/2016 Rappler 

CEMEXMANILA, Philippines – Cemex Holdings Philippines, Incorporated, the local unit cement unit of Mexico’s Cemex SAB De CV, is raising as much as P39.74 billion ($855 million) in what could be the biggest initial public offering (IPO) in the Philippines, as the outlook on domestic economy remains positive.

Based on the registration statement filed with the Securities and Exchange Commission, Cemex Holdings plans to sell 2.337 million common shares at an offer price of up to P17 ($0.366) per share.

Cemex is a global building materials company and has presence in more than 50 countries.

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Cemex Earnings Beat Estimates Buoyed by U.S. Housing Rebound

02/05/15 Bloomberg 

CEMEX_altaCemex SAB, the largest cement maker in the Americas, reported operating earnings that beat analysts’ estimates as a housing recovery deepened in the U.S., its biggest market. Operating earnings before interest, taxes, depreciation and amortization climbed 16 percent to $701 million. Analysts had estimated $680 million on average for Ebitda. Sales fell 1 percent to $3.84 billion, matching estimates, and were up 5 percent when taking into account investments, divestments and currency fluctuations. Cemex gets about a quarter of its revenue from the U.S., where housing starts rose more than forecast in December, capping the best year since 2007. With its home economy still struggling to recover, Monterrey, Mexico-based Cemex has depended on its northern neighbor to pull it back from the brink of default in 2009.

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Mexico’s Cemex says gets bank loan for $1.35 bln to refinance debt

09/30/14 Reuters

CEMEX_altaMexican cement company Cemex said on Tuesday it had inked a new credit agreement with nine banks worth $1.35 bln, the proceeeds of which will be used to refinance debt. Cemex, which has grappled with a heavy debt burden and cost-cutting since the global downturn, said in a statement the agreement had an average 4 year-term, with equal semi-annual principal payments of 20 percent.

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Billionaires Increase Bet on Cement as Building Recovers

09/23/14 Bloomberg 

construction-workersBillionaires Carlos Slim and Antonio del Valle are doubling down on the Mexican cement industry, wagering a demographic boom and government subsidies will sustain a homebuilding recovery after last year’s collapse. Elementia SAB, the Mexican cement maker backed by Slim and del Valle, agreed Sept. 19 to pay Lafarge SA (LG) $225 million for the 47 percent stake of cement maker Cementos Fortaleza it didn’t already own. Hours later, Mexico City-based Elementia disclosed plans for an initial public offering, which will be used to fund expansion projects, according to a prospectus on the Mexican stock exchange’s website.

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Mexico’s Cemex to buy back over $950 million of debt

09/17/14 Reuters

finance-market_dataMexican cement producer Cemex said on Wednesday it would buy back more than $950 million worth of its debt from bondholders through a tender offer, as part of a wider plan under a new chief executive to reduce its leverage. Cemex, one of the world’s largest cement maker, said holders of $592.5 million worth of outstanding 9 percent notes due in 2018 and $365.1 million worth of 9.25 percent notes due in 2020 had tendered their notes by the Wednesday deadline.

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