Shares of Mexican cement giant Cemex SAB de CV (NYSE: CX) plummeted by more than 10% in trading on Sunday, following the company's lackluster third-quarter earnings report and revised guidance for the full year.
Cemex reported a steep miss in its Q3 2024 earnings, with earnings per share of $0.14 falling significantly short of analysts' expectations of $0.19, a miss of 26.32%. The company's quarterly revenue of $4.09 billion also fell short of the consensus estimate of $4.305 billion, marking an 8.77% decline compared to the same period last year.
The weak financial performance was largely attributed to adverse weather conditions that affected sales volumes in key markets like the United States and Mexico. Major hurricanes and heavy rainfall in the US contributed to lower sales of cement, aggregates, and ready-mix concrete, while heavy rain and a construction slowdown following Mexico's general election also weighed on sales in the domestic market.
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