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CHIHUAHUA, Mexico, July 23, 2024 (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 second quarter of 2024.
Q2 2024 HIGHLIGHTS
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Consolidated net sales decreased 1% year-on-year, to US$360.3 million
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U.S. cement and concrete prices increased 5.3% and 8.1%, respectively
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Mexico cement and concrete prices increased by 2.5% and 6.4%, respectively
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EBITDA increased 0.9% to US$133.9 million with a 37.1% EBITDA margin
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Cash and equivalents totaled US$879.4 million
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Net leverage (net debt/EBITDA) ratio totaled -0.78x as of June 2024
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Earnings per share increased 9% year-on-year, to US$0.2738
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Free cash flow totaled US$29 million with a 21.7% free cash flow conversion rate
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GCC repurchased shares in the net amount of US$0.6 million
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A dividend of Ps. 1.5369 per share was paid on May 22, 2024, representing a 15% year-on-year increase
KEY FIGURES (millions of dollars)
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| Q2 24 | Q2 23 | Q2 24 vs. Q2 | H1 24 | H1 23 | H1 24 vs. H1 |
| Net sales | 360.3 | 364.1 | -1.0% | 633.2 | 608.0 | 4.1% |
| Operating income before other expenses, net | 109.3 | 109.0 | 0.2% | 167.8 | 149.2 | 12.4% |
| EBITDA* | 133.9 | 132.7 | 0.9% | 216.8 | 195.7 | 10.8% |
| EBITDA margin | 37.1% | 36.4% |
| 34.2% | 32.2% |
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| Free cash flow** | 29.0 | 20.5 | 41.3% | 70.7 | 3.1 | n.m. |
| Net income | 89.6 | 82.2 | 9.0% | 138.5 | 114.6 | 20.9% |
| Earnings per share (US$) *** | 0.2738 | 0.2513 | 9.0% | 0.4235 | 0.3499 | 21.0% |
*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 “GCC achieved steady bottom-line growth, margin expansion and free cash flow generation during the second quarter of 2024, despite challenging market conditions. This reflects our cost efficiencies and successful strategy execution.”
Enrique continued, “We remain vigilant to market demand, focusing on operational excellence while leveraging our sustainability strategy to effectively achieve our CO2 emissions reduction targets.”
To access the earnings release: click here
CONFERENCE CALL
GCC, S.A.B. de C.V. will host its earnings conference call on July 24, 2024.
Time: 11 a.m. Eastern Time (New York) / 9 a.m. Central Time (Mexico City)
Conference ID: 13743116
Dial in
| U.S. (toll free): | 1-877-407-0789 |
| International: | 1-201-689-8562 |
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Replay (through July 31, 2024, 11:59 p.m.ET):
| U.S. (toll free): | 1-844-512-2921 |
| International: | 1-412-317-6671 |
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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 and Mexico. The Company has an annual cement production capacity of 6 million metric tons.