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CEMEX profit misses consensus by 30.8% in Q2

Cemex SAB de CV said its second-quarter normalized net income came to 13 Mexican centavos per share, compared with the S&P Capital IQ consensus estimate of 18 centavos per share.

EPS declined 16.8% year over year from 15 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.86 billion pesos, a decrease of 19.7% from 2.32 billion pesos in the year-earlier period.

The normalized profit margin fell to 2.8% from 3.6% in the year-earlier period.

Total revenue rose year over year to 66.28 billion pesos from 64.72 billion pesos, and total operating expenses climbed year over year to 57.59 billion pesos from 55.78 billion pesos.

Reported net income grew 49.0% from the prior-year period to 4.83 billion pesos, or 33 centavos per share, from 3.24 billion pesos, or 21 centavos per share.

As of July 26, US$1 was equivalent to 17.76 Mexican pesos.