GCC Reports Second Quarter 2024 Results
23 Julio 2024 - 3:31PM
GCC, S.A.B. de C.V. (BMV: GCC*), a leading supplier and producer of
cement and concrete in the United States and Mexico, today
announced its results for the second quarter of 2024.
Q2 2024 HIGHLIGHTS
-
Consolidated net sales decreased 1% year-on-year, to US$360.3
million
- U.S.
cement and concrete prices increased 5.3% and 8.1%,
respectively
- Mexico
cement and concrete prices increased by 2.5% and 6.4%,
respectively
- EBITDA
increased 0.9% to US$133.9 million with a 37.1% EBITDA margin
- Cash and
equivalents totaled US$879.4 million
- Net
leverage (net debt/EBITDA) ratio totaled -0.78x as of June
2024
- Earnings
per share increased 9% year-on-year, to US$0.2738
- Free cash
flow totaled US$29 million with a 21.7% free cash flow conversion
rate
- GCC
repurchased shares in the net amount of US$0.6 million
- A
dividend of Ps. 1.5369 per share was paid on May 22, 2024,
representing a 15% year-on-year increase
KEY FIGURES (millions of
dollars)
|
Q2 24 |
Q2 23 |
Q2 24 vs. Q2 23 |
H1 24 |
H1 23 |
H1 24 vs. H1 23 |
Net sales |
360.3 |
364.1 |
-1.0% |
633.2 |
608.0 |
4.1% |
Operating income before other expenses, net |
109.3 |
109.0 |
0.2% |
167.8 |
149.2 |
12.4% |
EBITDA* |
133.9 |
132.7 |
0.9% |
216.8 |
195.7 |
10.8% |
EBITDA margin |
37.1% |
36.4% |
|
34.2% |
32.2% |
|
Free cash flow** |
29.0 |
20.5 |
41.3% |
70.7 |
3.1 |
n.m. |
Net income |
89.6 |
82.2 |
9.0% |
138.5 |
114.6 |
20.9% |
Earnings per share (US$) *** |
0.2738 |
0.2513 |
9.0% |
0.4235 |
0.3499 |
21.0% |
*EBITDA: Operating income before other expenses
+ depreciation and amortization**Free cash flow before growth and
strategic CapEx***Earnings per share calculated based on average
number of outstanding shares during the quarter
Enrique Escalante, GCC’s Chief Executive
Officer, said “GCC achieved steady bottom-line
growth, margin expansion and free cash flow generation during the
second quarter of 2024, despite challenging market conditions. This
reflects our cost efficiencies and successful strategy
execution.”
Enrique continued, “We remain
vigilant to market demand, focusing on operational excellence while
leveraging our sustainability strategy to effectively achieve our
CO2 emissions reduction targets.”
To access the earnings release: click here
CONFERENCE CALL
GCC, S.A.B. de C.V. will host its earnings
conference call on July 24, 2024.
Time: 11 a.m. Eastern Time (New York) / 9 a.m.
Central Time (Mexico City)
Conference ID: 13743116
Dial in
U.S. (toll free): |
1-877-407-0789 |
International: |
1-201-689-8562 |
|
|
Replay (through July 31, 2024, 11:59
p.m.ET):
U.S. (toll free): |
1-844-512-2921 |
International: |
1-412-317-6671 |
|
|
Listen-only webcast and replay: click here
ABOUT GCC
GCC is a leading supplier and producer of
cement, concrete, aggregates and construction‐related services in
the United States and Mexico. The Company has an annual cement
production capacity of 6 million metric tons.
Founded in 1941, the Company’s shares are listed
on the Mexican Stock Exchange under the ticker symbol GCC*.
Forward Looking Statements
This earnings report may contain forward-looking
statements. All statements that are not clearly historical in
nature are forward-looking, and words such as “anticipate,”
“believe,” “expect,” “estimate,” “intend,” “project,” and similar
expressions are generally intended to identify forward-looking
statements. These statements are subject to risks and
uncertainties, including but not limited to changes in
macroeconomic, political, legal, and public health conditions,
including COVID-19, governmental or business conditions in the
markets where GCC operates, changes in interest rates, inflation
rates, and currency exchange rates, as well as the performance of
the construction industry, pricing, business strategy, and other
factors.
If one or more of these risks or uncertainties
materialize, or if underlying assumptions prove incorrect, actual
results may differ materially from the beliefs, projections, and
estimates described herein. GCC assumes no obligation to update the
information contained in this earnings report. Due to rounding,
numbers presented throughout this document may not add up precisely
to the totals provided, and percentages may not precisely reflect
the absolute figures.
For further information,
contact:
GCC Investor RelationsSahory Ogushi+52 (614) 442
3176+ 1 (303) 739 5943soguship@gcc.com