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(Bloomberg) -- Mexican cement maker Cemex SAB plunged the most since 2020 after reducing its outlook for the current year and posting weaker-than-expected net revenue in the third quarter.
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Third-quarter revenue was $4.09 billion, according to a filing Monday, below the average analyst estimate. Operating Ebitda, a measure of earnings that excludes items such as interest and taxes, also missed estimates. Cemex was hurt by adverse weather in the US and its domestic market, the company said.
The Monterrey, Mexico-based company also revised its Ebitda guidance, with weaker forecasts for the US and Mexico.
The shares fell as much as 10% to 10.75 pesos, the most intraday since June 2020. The move brought the stock’s year-to-date decline to about 18%.
Cemex, which is one of the world’s largest cement producers, has tried to ramp up prices across the board even as volumes dwindle in some of its largest markets.
The company has also been restructuring operations to sharpen its focus on priority markets such as the US. In August, Cemex agreed to sell its Dominican Republic subsidiary for $950 million. It also sold its remaining stake in technology consultant Neoris for about $209 million in September and its Guatemala operations to Holcim Group for another $200 million.
(Updates lede with share move.)
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