Shares of Cemex SAB de CV (CX), the Mexico-based cement giant, plummeted by more than 10% in trading on Sunday after the company reported weaker-than-expected third-quarter earnings and lowered its guidance for the full year 2024.

Cemex's Q3 earnings per share of $0.14 fell significantly short of analysts' expectations of $0.19, missing the estimates by a wide margin of 26.32%. The company's quarterly revenue of $4.09 billion also declined by 8.77% compared to the same period last year and missed the consensus estimate of $4.305 billion.

The disappointing financial performance was primarily attributed to adverse weather conditions in key markets like the United States and Mexico. Major hurricanes and heavy rainfall in the U.S. contributed to lower sales volumes of cement, aggregates, and ready-mix concrete. Similarly, heavy rain and a construction slowdown following the general election in Mexico weighed on sales in the domestic market.

In light of the challenging market conditions, Cemex lowered its guidance for the full year 2024. The company now expects a low single-digit percentage decline in earnings before interest, taxes, depreciation, and amortization (EBITDA), revising its previous forecast of low to mid-single-digit growth. Cemex also cut its estimates for sales volume across its product lines and reduced its expected capital expenditures for 2024 to $1.5 billion from the earlier estimate of $1.6 billion.