GCC Announces Third Quarter 2022 Results


CHIHUAHUA, Mexico, Oct. 25, 2022 (GLOBE NEWSWIRE) — GCC, SAB de CV (BMV: GCC*), a leading supplier and producer of cement and concrete in the United States and Mexico, announced today its results for the third quarter of 2022 today.


  • Consolidated net sales increased 11.8% to US$352.8 million
  • Sales in the United States increased by 10.4%, with cement and concrete volumes increasing by 2.2% and 7.7% respectively; cement volumes remained unchanged excluding oil well cement
  • U.S. cement and concrete prices rose 12.2% and 4.2% respectively
  • Mexico sales increased 16.8%, reflecting a 2.4% increase in concrete volumes
  • Cement and concrete prices in Mexico increased by 13.5% and 7.9% respectively
  • EBITDA increased by 6.6% to US$117.4 million with an EBITDA margin of 33.3%
  • Free cash flow increased 10.6% to US$105.4 million with a free cash flow conversion rate of 89.8%
  • Earnings per share increased 19.2% year-on-year to $0.2111
  • Cash and cash equivalents totaled US$732 million
  • The net leverage ratio (net debt/EBITDA) stands at -0.69x as of September 30, 2022
  • GCC repurchased 0.6 million shares for US$3.3 million

KEY FIGURES (millions of dollars)

T3 22 T3 21 Q3 22 versus Q3 21 9M 22 9M 21 9M 22 versus 9M 21
Net sales 352.8 315.4 11.8% 879.8 780.9 12.7%
Operating profit before other expenses, net 93.1 85.1 9.4% 200.2 183.8 8.9%
EBITDA* 117.4 110.1 6.6% 271.4 256.6 5.8%
EBITDA margin 33.3% 34.9% 30.9% 32.9%
Free movement of capital** 105.4 95.3 10.6% 169.7 155.0 9.5%
Net revenue 69.5 58.7 18.4% 135.8 121.7 11.6%
Earnings per share (US$) *** 0.2111 0.1771 19.2% 0.4109 0.3674 11.8%

*EBITDA: operating profit before other expenses + depreciation charges
**Free cash flow before growth and strategic CapEx
*** Earnings per share calculated on the basis of the average number of shares outstanding during the quarter

Enrique Escalante, General Manager of GCC, said “Once again we had an outstanding performance. The third quarter results reflect GCC’s continued success in mitigating the impacts of today’s extraordinary inflation, as well as industry and market headwinds. Our competitive advantages ensure the stable operation of our factories with product availability for our customers, despite today’s tight supply environment.

To access the publication of the results: click here


GCC, SAB de CV will hold its earnings conference call on October 26, 2022.

Time: 11:00 a.m. (Eastern Time) / 10:00 a.m. (Central Time) / 9:00 a.m. (Mountain Time)

Conference ID: 13725701


USA (toll free): 1-877-407-0789

International: 1-201-689-8562

Rebroadcast (until November 2, 2022, 11:59 p.m.):

USA (toll-free): 1-844-512-2921

International: 1-412-317-6671

Listen-only webcast and replay: click here


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 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 statements to research. 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 in which GCC operates; changes in interest rates, inflation rates and currency exchange rates; construction industry performance; 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 could 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, figures presented herein may not add up exactly to totals provided and percentages may not accurately reflect absolute figures.

For more information, contact:

GCC Investor Relations

Sahory Ogushi

+52 (614) 442 3176

+1 (303) 739 5943

[email protected]


Comments are closed.