GCC Reports First Quarter 2022 Results

CHIHUAHUA, Mexico, April 26, 2022 (GLOBE NEWSWIRE) -- GCC, S.A.B. de C.V. (BMV: GCC*), a leading supplier and producer of cement and concrete in the United States and Mexico, today announced its results for the first quarter of 2022.

Q1 2022 HIGHLIGHTS

• Consolidated net sales increased 15.7% to US$206.9 million
• U.S. sales increased 20.6% as cement and concrete volumes increased 10.3% and 15.7%, respectively
• Mexico cement and concrete prices increased 11.7% and 8.1%, respectively
• Mexico sales increased 7.5% as concrete volumes increased 9.1%
• U.S. cement and concrete prices rose 10.3% and 1.3%, respectively
• EBITDA increased 10.2% to US$54.5 million with a 26.4% EBITDA margin
• Cash and equivalents totaled US$640 million
• Net leverage (net debt/EBITDA) ratio totaled -0.43x as of March 2022
• The share buyback program will be reactivated
  
  

KEY FIGURES (millions of dollars)

*EBITDA: Operating income before other expenses + depreciation and amortization
**Free cash flow before growth and strategic CapEx
***Earnings per share calculated based on average number of outstanding shares during the quarter

Enrique Escalante, GCC’s Chief Executive Officer, said “GCC is off to an excellent start this year. We are pleased with the results delivered during this quarter and of the way we are overcoming a high inflation environment amid global challenges.

One of our top priorities is being extremely vigilant in offsetting cost pressures as we capitalize on market opportunities and focus our efforts in maximizing production and terminal outputs.

Market trends and full-year backlogs are encouraging for 2022; therefore, we expect to end the year in line with our high-single to double-digit EBITDA growth guidance”

To access the earnings release: click here

CONFERENCE CALL

GCC, S.A.B. de C.V. will host its earnings conference call on April 27, 2022.

Time: 11 a.m. (Eastern Time) / 10 a.m. (Central Time) / 9 a.m. (Mountain Time)

Conference ID: 13725699

Listen-only webcast and replay: click here

ABOUT GCC

GCC is a leading supplier and producer of cement, concrete, aggregates and construction‐related services in the United States, Mexico and Canada. The Company has an annual cement production capacity of 5.85 million metric tons.

Founded in 1941, the Company’s shares are listed on the Mexican Stock Exchange under the ticker symbol GCC*.

Forward Looking Statements

This earnings report 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, legal, public health crises including COVID-19, 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; and 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. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

For further information, contact:

GCC Investor Relations
Ricardo Martinez
+52 (614) 442 3176
+ 1 (303) 739 5943
rmartinezg@gcc.com