On a like-to-like basis, operating EBITDA increased by 3% during the quarter to $767 million compared to the same period in 2013.
Cemex’s consolidated third-quarter 2014 financial and operational highlights show that the increase in consolidated net sales on a like-to-like basis was due to higher volumes in Mexico, the US, and its South, Central America and the Caribbean and Asia regions, as well as higher prices of our products in most of its operations, while operating earnings before other expenses, net, in the third-quarter increased by 5%, to $491 million.
Operating EBITDA increased, on a like-to-like basis, by 3% during the quarter to US$767 million; operating EBITDA margin decreased by 0.1 percentage points on a year-over-year basis reaching 18.5%, and reporting a narrower controlling interest net loss of US$106 million during the third-quarter of 2014 from a loss of $155 million in the same period last year.
Free cash flow after maintenance capital expenditures for the quarter was $350 million, a 43% increase versus the $245 million in the same quarter of 2013.
Fernando A. González, chief executive officer, said: “We are pleased with the year-to-date trends in our consolidated volumes and prices, despite the more challenging economic conditions during the quarter, especially in Europe. We continue to see favourable medium-term growth prospects for our regions, especially in the Americas where we expect most of our mid-term EBITDA growth.
“We are comfortable with the steps taken so far towards attaining an investment-grade capital structure target both on the financial and operating side.”
Geographically, net sales in Cemex’s operations in Mexico increased 4% in the third-quarter of 2014 to $803 million, compared with $776 million in the third-quarter of 2013. Operating EBITDA decreased by 1% to $245 million versus the same period of last year.
Cemex’s operations in the United States reported net sales of approximately $1 billion in the third-quarter of 2014, up 13% from the same period in 2013. Operating EBITDA increased 74% to $136 million in the quarter, versus $78 million in the same quarter of 2013.
In Northern Europe, net sales for the third-quarter of 2014 decreased 3% to approximately $1.1 billion, compared with approximately $1.2 billion in the third-quarter of 2013. Operating EBITDA was $144 million for the quarter, 11% lower than the same period last year.
Third-quarter net sales in the Mediterranean region were $400 million, 7% higher compared with $375 million during the third-quarter of 2013. Operating EBITDA increased 4% to $81 million for the quarter versus the comparable period in 2013.
Cemex’s operations in South, Central America and the Caribbean reported net sales of $585 million during the third-quarter of 2014, representing a decrease of 2% over the same period of 2013.
Operating EBITDA decreased 6% to $199 million in the third-quarter of 2014, from $210 million in the third-quarter of 2013.
Cemex’s operations in Asia reported a 9% increase in net sales for the third quarter of 2014, to $151 million, versus the third quarter of 2013, and operating EBITDA for the quarter was $40 million, up 11% from the same period last year.
