Operating EBITDA increased by 3% during the quarter to $535 million versus the same period in 2013 while operating earnings before other expenses, net, in the first quarter increased by 12% to $268 million.
Free cash flow after maintenance capital expenditures for the quarter was negative $454 million, compared with negative $483 million in the same quarter of 2013.
“We are pleased with the growth in our operating EBITDA during the quarter, on a like-to-like basis, adjusting for the seasonal maintenance and inventory-drawdown effects, which we expect will revert throughout the rest of the year. We also saw positive dynamics in consolidated volumes and prices for our main products,” says Fernando A. González, executive vice president of finance and administration.
“We are also satisfied with the strong support we have received from the global capital markets. During April, we issued $1 billion and €400 million in senior secured notes, with which we are retiring certain higher-coupon debt.”
Net sales in Cemex’s operations in Mexico decreased 6% to $737 million, compared with $780 million in the first quarter of 2013; in the United States reported net sales of $792 million in the first quarter of 2014 were up 8% from the same period in 2013.
In Northern Europe net sales for the first quarter of 2014 increased 21% to $912 million compared with $756 million in the first quarter of 2013; for the Mediterranean region these were $412 million, 19% higher compared with U.S.$347 million during the first quarter of 2013 while Cemex’s operations in South, Central America and the Caribbean reported net sales of U.S.$538 million during the first quarter of 2014, representing an increase of 8% over the same period of 2013.
Operations in Asia reported a 3% increase in net sales for the first quarter of 2014 to $146 million versus the first quarter of 2013
