European building materials and construction - Cemex: Input cost inflation means small EBITDA miss for Q4; 2019 outlook for steady growth

Davy Research
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Increased energy costs and adverse weather are well-versed explanations for EBITDA misses at this stage for Q4. In addition to results, Cemex delivered a positive 2019 volume outlook with robust volume growth in all markets with the potential exception of UK cement. Cemex also cited traction in raising prices in the US and is optimistic on following up with European price increases. This upbeat outlook has positive implications for Cemex’s peers, CRH and HeidelbergCement.