Cemex boasts free cash flow of $436 million, cuts $710 million of debt since Dec. 31

By Lisa Kerner

Charlotte, N.C., Oct. 22 – Cemex SAB de CV ended its third quarter with free cash flow of $436 million, a 25% year-over-year increase after maintenance capital expenditures, said chief financial officer Fernando Gonzalez during the company’s earnings call on Thursday.

It was the company’s highest free cash flow level since 2009, according to the CFO.

The company has realized year-to-date asset sales of $620 million, and Cemex has signed agreements to sell certain overseas assets for €391 million, Gonzalez said.

During the quarter, Cemex fully repaid the $1.94 billion outstanding under its facilities agreement maturing in February 2017 with a new syndicated loan.

Cemex has repaid $710 million of debt since the end of December, Gonzalez said.

Total debt plus perpetual notes decreased by $353 million during the quarter.

At Sept. 30, total debt, excluding perpetual notes, was $15.14 billion.

The debt includes $3.17 billion under the company’s syndicated bank loan facility, $11.76 billion of U.S. dollar and euro denominated notes, $37 million of peso-denominated notes and $164 million of WC lines and other bank debt, according to the company.

The perpetual notes totaled $445 million at Sept. 30.

Consolidated net sales for the quarter were up 5% at $3.7 billion on a like-to-like basis.

Cemex is a cement producer based in Monterrey, Mexico.

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