GCC Reports Third Quarter 2021 Results

Chihuahua, MEXICO

CHIHUAHUA, Mexico, Oct. 26, 2021 (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 third quarter 2021.


  • Total U.S. cement volumes grew 9.7% and rose 1.5% excluding oil well cement
  • Mexico cement and ready-mix volumes increased 1.1% and 17.7%, respectively
  • U.S. cement and ready-mix prices increased 10.3% and 5.2%
  • Consolidated net sales increased 12.2%, to US$315.4 million
  • EBITDA increased 10.2% to US$110.1 million, with a 34.9% EBITDA margin
  • Free cash flow totaled US$95.3 million with an 86.6% conversion rate from EBITDA
  • Net leverage (net debt/EBITDA) ratio dropped to -0.18x as of September 2021
  • Earnings per share increased 11.6% year on year, to US$0.1771
  • A dividend of Ps. 1.0105 per share was paid on August 17; representing a 7.5% increase as compared to the dividend declared in 2020

KEY FIGURES (millions of dollars)

 Q3 21Q3 20Q3 21 vs Q3 209M 219M 209M 21 vs 9M 20
Net sales315.4281.112.2%780.9705.310.7%
Operating income before other expenses, net85.175.712.4%183.8154.718.9%
EBITDA margin34.9%35.5% 32.9%32.2% 
Free cash flow**95.3104.6-8.9%155.0150.82.8%
Net income58.752.611.7%121.7102.219.1%
Earnings per share (US$)***0.17710.158711.6%0.36740.308219.2%

*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, saidWe are pleased with the results delivered despite supply chain and energy cost challenges. GCC is on track to meet our full-year guidance, assuming favorable weather conditions continue.

Mr. Escalante continued, “During the quarter, we reached positive net cash and our balance sheet is ready for growth to prepare GCC for a new phase of the industry’s cycle.


GCC, S.A.B. de C.V. will host its earnings conference call on October 28, 2021.

Time: 11 a.m. (Eastern Time) / 10 a.m. (Central Time) / 9 a.m. (Mountain Time)

Conference ID: 13714205

Dial in
 U.S. (toll free):1-877-407-0789
Replay (through November 3, 2021, 11:59 p.m.):
 U.S. (toll free):1-844-512-2921

Listen-only webcast and replay: click here


GCC is a leading supplier and producer of cement, concrete, aggregates and construction‐related services in the United States, Mexico and Canada. The Company has an annual cement production capacity of 5.85 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 the words “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, among others, changes in macroeconomic, political, legal, public health crises including COVID-19, governmental or business conditions in the markets where GCC operates; changes in interest rates, inflation rates and currency exchange rates; performance of the construction industry; and pricing, business strategy and other factors. Should one or more of these risks or uncertainties materialize, or should 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 press release. 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

Ricardo Martinez

+52 (614) 442 3176

+ 1 (303) 739 5943