CHIHUAHUA, Mexico, Jan. 28, 2025 (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 fourth quarter and full year of 2024.
FY 2024 HIGHLIGHTS
- Consolidated net sales increased 0.2% year-on-year to US$1,366.7 million
- U.S. sales grew 3.9% as cement and concrete prices increased 5.5% and 8.1%, respectively
- Mexico cement and concrete prices increased 4.9% and 6.7%, respectively
- EBITDA increased 6.2% to US$500.6 million with a 36.6% EBITDA margin
- Cash and equivalents totaled US$830.6 million
- Net leverage (net debt/EBITDA) ratio totaled -0.67x as of December 2024
- Earnings per share increased 9.5% year-on-year, to US$0.9894
- Free cash flow totaled US$321.8 million with a 64.3% free cash flow conversion rate
- A dividend of Ps. 1.5369 per share was paid on May 22, 2024, representing a 15% year-on-year increase
- GCC presented its first integrated report for the fiscal year 2023
- Fitch Ratings upgraded GCC’s credit rating to ‘BBB’, with a stable outlook
- GCC closed the acquisition of three aggregates operations in Texas
Q4 2024 HIGHLIGHTS
- Consolidated net sales decreased 1.3 % year-on-year to US$335.3 million
- U.S. sales grew 4.1% as cement and concrete prices increased 5.6% and 7.1%, respectively
- U.S. concrete volumes increased 4.5%
- Mexico cement and concrete prices increased 7.2% and 6.5%, respectively
- EBITDA increased 3.7% to US$121.6 million with a 36.3% EBITDA margin
- Free cash flow totaled US$129.7 million with a 106.6% free cash flow conversion rate
- GCC repurchased shares in the net amount of US$1.7 million
| KEY FIGURES (millions of dollars) | ||||||
| Q4 24 | Q4 23 | Q4 24 vs. Q4 23 |
2024 | 2023 | 2024 vs. 2023 | |
| Net sales | 335.3 | 339.9 | -1.3% | 1,366.7 | 1,363.9 | 0.2% |
| Operating income before other expenses, net | 94.3 | 97.6 | -3.3 | 399.5 | 382.3 | 4.5% |
| EBITDA* | 121.6 | 117.3 | 3.7% | 500.6 | 471.5 | 6.2% |
| EBITDA margin | 36.3% | 34.5% | 36.6% | 34.6% | ||
| Free cash flow** | 129.7 | 107.1 | 21.2% | 321.8 | 233.7 | 37.7% |
| Net income | 78.1 | 75.1 | 3.9% | 323.9 | 295.5 | 9.6% |
| Earnings per share (US$) *** | 0.2383 | 0.2299 | 3.7% | 0.9894 | 0.9034 | 9.5% |
*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 delivered exceptional results once again in 2024. Despite navigating a challenging economic environment, we achieved record-breaking sales, EBITDA, margins and net income. These results underscore our team’s flexibility and agility to successfully execute our strategy.”
Enrique continued, “Looking ahead, we remain cautious about demand dynamics. The fundamentals of our business remain strong, especially in the U.S. market where we generated more than 75% of our EBITDA.”
To access the earnings release: click here
CONFERENCE CALL
GCC, S.A.B. de C.V. will host its earnings conference call on January 29, 2025.
Time: 10 a.m. Eastern Time (New York) / 9 a.m. Central Time (Mexico City)
Conference ID: 13750646
| Dial in | ||
| U.S. (toll free): | 1-877-407-0789 | |
| International: | 1-201-689-8562 | |
| Replay (through February 5, 2025, 11:59 p.m.ET): | ||
| U.S. (toll free): | 1-844-512-2921 | |
| International: | 1-412-317-6671 | |
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 and Mexico. The Company has an annual cement production capacity of 6 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 words such as “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 but not limited to changes in macroeconomic, political, legal, and public health conditions, including COVID-19, governmental or business conditions in the markets where GCC operates, changes in interest rates, inflation rates, and currency exchange rates, as well as the performance of the construction industry, pricing, business strategy, and other factors.
If one or more of these risks or uncertainties materialize, or if 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 earnings report. 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
Sahory Ogushi
+52 (614) 442 3176
+ 1 (303) 739 5943
