CHIHUAHUA, Mexico, Oct. 25, 2022 (GLOBE NEWSWIRE) -- 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 third quarter of 2022.
Q3 2022 HIGHLIGHTS
- Consolidated net sales increased 11.8%, to US$352.8 million
- U.S. sales increased 10.4% as cement and concrete volumes increased 2.2% and 7.7%, respectively; cement volumes remained unchanged excluding oil well cement
- U.S. cement and concrete prices increased 12.2% and 4.2%, respectively
- Mexico sales increased by 16.8% reflecting a 2.4% increase in concrete volumes
- Mexico cement and concrete prices increased by 13.5% and 7.9%, respectively
- EBITDA increased 6.6% to US$117.4 million with a 33.3% EBITDA margin
- Free cash flow increased 10.6% to US$105.4 million with an 89.8% free cash flow conversion rate
- Earnings per share increased 19.2% year-on-year to US$0.2111
- Cash and equivalents totaled US$732 million
- Net leverage (net debt/EBITDA) ratio totaled -0.69x as of September 30, 2022
- GCC repurchased 0.6 million shares in the amount of US$3.3 million
KEY FIGURES (millions of dollars)
| Q3 22 | Q3 21 | Q3 22 vs Q3 21 | 9M 22 | 9M 21 | 9M 22 vs 9M 21 | |||||||
| Net sales | 352.8 | 315.4 | 11.8% | 879.8 | 780.9 | 12.7% | ||||||
| Operating income before other expenses, net | 93.1 | 85.1 | 9.4% | 200.2 | 183.8 | 8.9% | ||||||
| EBITDA* | 117.4 | 110.1 | 6.6% | 271.4 | 256.6 | 5.8% | ||||||
| EBITDA margin | 33.3% | 34.9% | 30.9% | 32.9% | ||||||||
| Free cash flow** | 105.4 | 95.3 | 10.6% | 169.7 | 155.0 | 9.5% | ||||||
| Net income | 69.5 | 58.7 | 18.4% | 135.8 | 121.7 | 11.6% | ||||||
| Earnings per share (US$) *** | 0.2111 | 0.1771 | 19.2% | 0.4109 | 0.3674 | 11.8% | ||||||
*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 "Once again, we had an outstanding performance. Third quarter results reflect GCC's continued success in mitigating the impacts of today's extraordinary inflation, as well as industry and market headwinds. Our competitive advantages ensure our plants' steady operation with product availability to our customers, despite today's tight supply environment."
To access the earnings release: click here
CONFERENCE CALL
GCC, S.A.B. de C.V. will host its earnings conference call on October 26, 2022.
Time: 11 a.m. (Eastern Time) / 10 a.m. (Central Time) / 9 a.m. (Mountain Time)
Conference ID: 13725701
Dial in
U.S. (toll free): 1-877-407-0789
International: 1-201-689-8562
Replay (through November 2, 2022, 11:59 p.m.):
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, Mexico and Canada. The Company has an annual cement production capacity of 5.85 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 the words "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, among others, changes in macroeconomic, political, legal, public health crises including COVID-19, governmental or business conditions in the markets where GCC operates; changes in interest rates, inflation rates and currency exchange rates; performance of the construction industry; and pricing, business strategy and other factors. Should one or more of these risks or uncertainties materialize, or should 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 press release. 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 Relations
Sahory Ogushi
+52 (614) 442 3176
+ 1 (303) 739 5943
soguship@gcc.com
