Cemex Q2 Net Sales Increase 5% On A Like-to-like Basis - Quick Facts

(RTTNews) - Cemex, S.A.B. de C.V. (CX) reported a 5 percent increase in second-quarter net sales on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, compared to the year-ago period.

Net sales for the second quarter were $3.8 billion. The increase on a like-to-like basis was due to higher prices in the company's products, in local currency terms, in most of its operations, as well as improved volumes in most of the company's products in Mexico, the U.S., and Northern Europe and Asia regions.

Controlling interest net income for the quarter grew 50 percent to $114 million from $76 million in the same period last year.

The company said it has commitments from 19 financial institutions to fully repay about $1.94 billion outstanding under its facilities agreement maturing in February 2017.

The new debt is expected to have a final amortization in 2020 and benefit from a lower interest rate, which is expected to initially represent savings of close to $20 million annually.