Pricing was the main driver, with cement, ready-mix and aggregates increasing by double digits. EBITDA and EBITDA margin continued to be impacted by persistent inflationary headwinds that outpaced the company's pricing efforts.
"Our pricing achievements this year have allowed us to more than offset inflationary costs in dollar terms, but stubbornly high inflation and supply chain headwinds have delayed our ability to regain margins. We are fully committed to margin recovery and will continue our efforts in the fourth quarter, as well as into 2023," said Fernando A. González, CEO of CEMEX.
González added: "Importantly, we are making significant progress in decarbonizing our operations, reducing our carbon emissions by more than 8% since we introduced our climate action programme, Future in Action. This achievement was driven by record levels of alternative fuel usage and clinker factor substitution. Our success to date gives us confidence that a more accelerated pathway for 2030 is possible, and we have submitted our new, more aggressive goals to the Science Based Targets initiative to be validated for alignment with their 1.5 degrees scenario."
Net sales in CEMEX's native Mexico increased 9% to US$948mn. Operating EBITDA decreased by 12% to US$255mn.
CEMEX's operations in the United States reported net sales of US$1.324bn, an increase of 19%. Operating EBITDA increased by 10% to US$197mn.
In the group's Europe, Middle East, Africa and Asia region, net sales increased 16% to US$1,252mn. Operating EBITDA was US$186mn, 8% higher.
CEMEX's operations in the South, Central America, and Caribbean region reported net sales of US$393mn, an increase of 2%. Operating EBITDA declined 11% to US$90mn.
