RMC buy to double Mexico’s Cemex net profit
Mexico’s Cemex, the world’s No. 3 cement maker, is seen doubling its third-quarter net profit from higher sales in the consolidation of Britain’s ready-mix concrete giant RMC and financial gains.
A Reuters survey of six analysts forecast, on average, a July-September net profit for Cemex of $783 million, up 117 percent from a year earlier.
The survey forecast that Cemex’s (CX.N: Quote, Profile, Research) (CEMEXCPO.MX: Quote, Profile, Research)
revenues will jump 114 percent in the quarter, largely boosted by income from its $5.8 billion acquisition of RMC, the world’s largest ready-mix concrete maker.
Financial gains from derivatives trading are also expected to boost Cemex’s earnings.
“Net earnings are benefiting from the swaps of variable for fixed interest rates on Cemex’s debt,” said Gonzalo Fernandez, an analyst with Santander Investment.
More: today.reuters.com
RMC acquisition to boost profit for Mexico's Cemex
Mexico's Cemex, the
world's No. 3 cement maker, is expected to almost triple its
second-quarter net profit from the takeover of Britain's ready-
mix concrete producer RMC and from foreign exchange gains.
A Reuters survey of six analysts forecast, on average, that
Cemex (CX.N: Quote, Profile, Research) (CEMEXCPO.MX: Quote, Profile, Research) would report a net profit of $634
million for the April-to-June period, up from $247 million in
the same period a year earlier.
In March Cemex bought RMC, the world's largest ready-mix
concrete maker, for $5.8 billion, which strengthened its
business base in Europe and doubled sales.
"Above and beyond
UPDATE 3-Mexico's Cemex net profit almost doubles on RMC buy
Mexico's Cemex (CX.N: Quote, Profile, Research), the world's No. 3 cement maker, almost doubled its net profit in the third quarter from higher sales after the consolidation of its acquisition of Britain's ready-mix concrete giant RMC.
Cemex (CEMEXCPO.MX: Quote, Profile, Research) said on Friday its July-September net profit was $675 million, lower than market forecasts, but up from $361 million a year earlier.
A Reuters' survey of six analysts had yielded an average forecast that net profit for Cemex, which operates in more than 50 countries, would come in at $783
UPDATE 3-Mexico's Cemex net profit almost doubles on RMC buy
Mexico's Cemex (CX.N: Quote, Profile, Research), the world's No. 3 cement maker, almost doubled its net profit in the third quarter from higher sales after the consolidation of its acquisition of Britain's ready-mix concrete giant RMC.
Cemex (CEMEXCPO.MX: Quote, Profile, Research) said on Friday its July-September net profit was $675 million, lower than market forecasts, but up from $361 million a year earlier.
A Reuters' survey of six analysts had yielded an average forecast that net profit for Cemex, which operates in more than 50 countries, would come in at $783
Mexico's Cemex sees Q4 EBITDA up 63 pct
Mexico's Cemex, the world's third biggest cement maker, expects a 63 percent rise in fourth-quarter earnings before interest, tax, depreciation and amortization to $950 million after a major acquisition boosted sales, the company said on Friday.
Cemex (CX.N: Quote, Profile, Research) (CEMEXCPO.MX: Quote, Profile, Research) said revenues would be above $3.9 billion in the October-December period, up 95 percent following the $5.8 billion purchase of Britain's RMC Group, the world's largest ready-mix concrete producer.
The acquisition of RMC, the biggest ever by a Mexican company, doubled Cemex's revenue base and handed it new markets in
Mexico's Cemex prices $1.3 billion share offer
Mexico's Cemex, the world's No. 3 cement maker, said late on Tuesday it priced a $1.3 billion offer of American Depositary Receipts at $49.50 per receipt.
Part of the offer was placed in local shares, 10 of which make up one American Depositary Receipt, or ADR. The equivalent offer price in local shares was 53.89 pesos per share.
Cemex's ADRs (CX.N: Quote, Profile, Research) closed on Tuesday at $50.14 while its Mexico-traded stock (CEMEXCPO.MX: Quote, Profile, Research) finished at 54.44 pesos.
Source: today.reuters.com
Mexico's Bolsa Rises, Led by America Movil, Cemex: Latin Stocks
Mexico's benchmark stock index rose to a record on the prospect of government spending on construction that will spur profits at companies such as cement maker Cemex SA.
The Bolsa index rose 150.54, or 1.1 percent, to 14,123.15 as of 1:50 p.m. New York time, surpassing the previous high July 14. America Movil SA, Latin America's No. 1 mobile-phone company, led the gain followed by Cemex, the world's third-largest cement maker. Elsewhere in the region, Chile's IPSA index of 40 stocks rose 1 percent to 2124.10, headed for a third
World Cup boosts Mexicos Modelo net profit
No. 1 Mexican brewer Modelo, the maker of top U.S. import beer Corona, posted a 4.8 percent rise in second quarter net profit on solid growth in foreign and domestic sales, aided by the World Cup.
Modelo (GMODELOC.MX: Quote, Profile, Research) said on Friday its April-June net was 2.603 billion pesos ($230 million), in line with expectations, as sales rose 9.7 percent to 15.101 billion pesos. ($1 = 11.3070 pesos at end June)
Source : today.reuters.com
Mexicos Soriana quarterly net profit ticks up
Soriana, one of Mexicos top retailers, posted a 4 percent rise in net profit for the first quarter on Tuesday, below analysts estimates, with moderate growth in sales and operating results.
Soriana (SORIANAB.MX: Quote, Profile, Research) said net profit reached 548 million pesos ($50 million), compared with 525 million pesos in the same quarter of 2005. Analysts polled by Reuters Estimates had forecast a 14 percent rise to 597 million pesos.
Soriana, which operates 202 stores mainly in northern Mexico, said its quarterly sales rose 11 percent year on year to 12.395 billion pesos. Operating profit,
Mexico's Bolsa Falls for Week on Profit Concerns: Latin Stocks
Mexico's Bolsa index fell, heading for a second straight weekly decline, on concern that earnings growth may slow and the government may become less favorable to investors after this year's election.
Mexico's Bolsa fell 319.21, or 1.7 percent, to 18,199.12 at 2 p.m. New York time, and has fallen 3.6 percent for the week. Cemex SA, the world's third-largest cement maker, led today's decline. Brazil's Bovespa rose 92.96, or 0.3 percent, to 36,975.27, paring its decline for the week to 0.8 percent.
``You are starting to see opinions that emerging
Mexico's Penoles 4th-qtr net profit jumps 37 pct
Mexico's Penoles, the world's top silver producer, said on Friday its fourth-quarter net profit rose 37 percent, helped by high world silver prices.
Penoles (PENOLES.MX: Quote, Profile, Research) said its profit in the October through December period hit 555 million pesos ($52 million), and revenue rose 38 percent to 6.121 billion pesos.
Despite pricing volatility in recent weeks, silver has largely held above $9.00 an ounce, and early this month hit a 22-year high close to $10 per ounce.
Penoles has shown strong earnings performance over recent quarters, also benefiting from a surge in the prices
