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GCC Reports Third Quarter 2018 Results

CHIHUAHUA, Mexico, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Grupo Cementos de Chihuahua, S.A.B. de C.V. (BMV: GCC*), a leading producer of cement and ready-mix concrete in the United States and Mexico, today announces its results for the third quarter of 2018.

Sales increased 10.6% in 3Q18 and 11.1% in first nine months

EBITDA reached a new record and increased 9.2% in quarter and 16.3% in first nine months

EBITDA margin reached 30.0% in quarter and 29.3% in first nine months, up 130 basis points

Trident plant in Montana integrated and contributing to U.S. sales

Two kilns reactivated in Chihuahua to meet increased demand

Rapid City plant expansion completed and tie-in commenced

Net leverage (Net debt/EBITDA) ratio fell to 1.61 in September 2018

GCC was included in the S&P/BMV IPC index of blue-chip Mexican stocks in September 2018

Key Figures (millions of dollars)

  3Q18 3Q17 3Q18 vs. 3Q17 9M18 9M17 9M18 vs. 9M17
Net Sales 278.6   251.9   10.6 % 677.4   609.9   11.1 %
Operating Income before other expenses 64.3   56.5   13.9 % 140.7   111.5   26.3 %
EBITDA 83.6   76.6   9.2 % 198.6   170.8   16.3 %
EBITDA margin 30.0 % 30.4 %   29.3 % 28.0 %  
Income from continuing operations 43.3   28.9   49.5 % 83.2   50.9   63.5 %
Discontinued operations (0.4 ) 1.8     (41.0 ) 3.9    
Consolidated Net Income 42.8   30.7   39.3 % 42.2   54.8   -23.0 %
Earnings per Share (US$) 0.1288   0.0925     0.1268   0.1647    

EBITDA: operating income before other expenses + depreciation and amortization

GCC’s Chief Executive Officer, Enrique Escalante, commented: “GCC’s third quarter and nine-month results show continued success in implementing the company’s expansion plans in an environment of steady demand growth and favorable pricing environments in both the U.S. and Mexico.  The results also demonstrate solid operational execution and the benefits of the debt refinancings that were carried out earlier in 2018 and last year.” 

GCC generated US$ 83.6 million dollars in EBITDA in the third quarter – a new quarterly record.  Free Cash Flow generation reached US$ 76.3 million in the quarter.

“Significant achievements in the quarter included operational integration of the Trident plant in Montana acquired in the second quarter;  completion of construction of the Rapid City, South Dakota plant expansion and start of the tie-in process; reactivation of two idled kilns in Chihuahua to meet growing demand in the U.S. and Mexico; significant interest savings from the refinancing of bank debt and bonds; and the inclusion of GCC shares in the IPC blue-chip index of Mexican stocks,” Escalante concluded.

Earnings Report

GCC’s full third quarter 2018 earnings report is available at http://gcc.com, on the investor relations page.

Conference Call

Grupo Cementos de Chihuahua, S.A.B. de C.V. will host its earnings conference call on October 24, 2018. 
Time:      11:00 am (Eastern Time) / 10:00 am (Mexico City) / 09:00 am (Mountain Time) 
Conference ID: 2196392
Dial in:    U.S.: 1-888-220-8474 Toll Free
International: 1-323-794-2588
Replay (through October 31, 2018):
U.S.: 1-844-512-2921 Toll Free
International: 1-412-317-6671
Listen-only webcast and replay:  click here.

About GCC
GCC is a leading supplier of cement, concrete, aggregates, and construction‐related services in the United States and Mexico, with an annual cement production capacity of 5.8 million metric tons. Founded in 1941, the Company’s shares are listed on the Mexican Stock Exchange under the ticker symbol GCC*. GCC is included in the MSCI family of indexes and the benchmark S&P/BMV IPC index of Mexican stocks.

For further information, contact:

GCC Investor Relations:  
Ricardo Martinez
+52 (614) 442 3176
rmartinezg@gcc.com
Daniel Wilson, Zemi Communications
+1 212 689 9560
dbmwilson@zemi.com

Forward Looking Statements

This press release 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, 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; 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.

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