Posted on 07/29/2009 8:31:23 AM PDT by MeneMeneTekelUpharsin
On July 28, debt-laden Mexican cement maker CEMEX, S.A. de C.V. (NYSE: CX - News) posted weak results for the second quarter of 2009. Net debt at the end of the second quarter was US$18,272 million, representing an increase of US$238 million during the quarter. Consolidated net sales decreased to US$4,188 million, representing a decrease of 34%, compared to the second quarter of 2008 due to lower volumes from U.S. and Spanish operations, which was partially mitigated by price inelasticity. EBITDA decreased 41% year over year to US$812 million and EBITDA margin decreased by 220 basis points from 21.6% in the second quarter of 2008 to 19.4% at the end of June 2009.
(Excerpt) Read more at finance.yahoo.com ...
LOL!
With the Chicago Mafia in the White House it seems to me there will be a huge demand on cement boots and cement resting places.
Time for an 0bama Bailout! If this isn’t done immediately, it will mean doom for our economy!
And it probably didn’t help that Chavez nationalized and took over Cemex operations in Venezuela, gouging their bottom line.
Cemex lost their ass speculating in the forex market.
CEMEX had its greatest years when Clinton and the Arkansas mafia moved into the White House with 100 dead bodies along the path.
You would think that the Mexicans, of all people, would have realized the pitfalls inherent in that.
Cemex is one of the biggest cement manufacturers in the US and in the world.
Their sales are a very good economic indicator. You can usually ignore what the talking heads are telling you and just watch cement sales. When cement sales are rising, the economy is cooking. When cement sales fall, the economy is cooling off.
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