Today, Mexican cement producer Cemex announced an 18% decline in its core earnings for the first quarter, primarily due to challenges in the local market. According to today’s earnings release, Cemex’s Q1 revenue was $601 million.
The announcement comes less than a month after Cemex’s long-time CEO, Fernando Gonzalez, retired.
The company’s new CEO Jaime Muguiro told investors: “I am committed to providing the highest possible returns to our shareholders by being the best partner to our customers, having a laser-like focus on operational efficiency, and following a disciplined capital allocation strategy. I am confident we have the right management team to accomplish this.”
Under Muguiro’s leadership, Cemex plans to utilize its previously announced cost savings initiative, “Project Cutting Edge,” to simplify and empower regional operations while achieving profitable growth.
Muguiro aims for annual recurring EBITDA savings of at least $150 million by 2025 and $350 million by 2027.
By CEO NA Editorial Staff
