Shares of Cemex SAB de CV (NYSE: CX), a leading cement company based in Mexico, plunged more than 7% in early trading on Sunday after reporting disappointing financial results for the third quarter of 2024.
For the three months ended September 30, Cemex reported earnings per share of $0.14, missing the consensus analyst estimate of $0.19 by a staggering 26.32%. The company's quarterly revenue of $4.09 billion also fell short of expectations, missing the $4.305 billion estimate by around 5% and representing an 8.77% year-over-year decline.
The weak Q3 performance caught investors off guard and raised concerns about Cemex's ability to navigate the challenging macroeconomic environment. Analysts had expected better results from the cement giant, given the resilience of the construction industry amid the global economic recovery.
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