GCC Reports Fourth Quarter and Full Year 2021 Results

CHIHUAHUA, Mexico, Jan. 25, 2022 (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 fourth quarter and full year of 2021.


  • Consolidated net sales increased 10.8% to US$1,038.8 million for the full year
  • Total U.S. cement volumes grew 5.6% and 1.5%, excluding oil well cement
  • Mexico sales increased 17.9% as cement and concrete volumes increased 6.9% and 19.1%, respectively
  • U.S cement and concrete prices rose 8.9% and 5.1% respectively
  • EBITDA increased 9.6% to US$337.9 million with a 32.5% EBITDA margin
  • Free cash flow totaled US$243.7 million with a 72.1% conversion rate from EBITDA
  • Cash and equivalents reached a record high US$683 million
  • Earnings per share increased 15.5% year-on-year to US$0.4519
  • Net leverage (net debt/EBITDA) ratio dropped to -0.44x by year-end
  • A dividend of Ps. 1.0105 per share was paid on August 17, 2021, representing a 7.5% year-on-year increase
  • In January 2022, GCC successfully issued a US$500 million sustainability-linked bond with an interest coupon of 3.614% due April 2032. Proceeds were used to pay for the redemption of the GCC 5.250% notes due 2024 and to partially refinance bank debt maturities


  • Total U.S. cement volumes grew 5.1% and decreased 5.5% excluding oil well cement
  • Mexico cement and ready-mix volumes increased 4.5% and 14.1%, respectively
  • U.S. cement and ready-mix prices increased 11.8% and 3%
  • Consolidated net sales increased 10.9%, to US$257.9 million
  • EBITDA remained unchanged at US$81.3 million, with a 31.5% EBITDA margin
  • Free cash flow totaled US$88.8 million with a 109.2% conversion rate from EBITDA
  • Earnings per share increased 1.7% year on year, to US$0.0845

KEY FIGURES (millions of dollars)

 Q4 21Q4 20Q4 21 vs
Q4 20
202120202021 vs 2020
Net sales257.9232.510.9%1,038.8937.810.8%
Operating income before other expenses, net57.556.71.4%241.3211.314.2%
EBITDA margin31.5%35.0% 32.5%32.9% 
Free cash flow**88.896.4-7.9%243.7246.3-1.0%
Net income28.027.51.8%149.7129.715.4%
Earnings per share (US$)***0.08450.08311.7%0.45190.391315.5%

*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, said, “GCC had another extraordinary year surpassing US$1 billion in sales with record high EBITDA, despite the inflationary environment and supply chain challenges. We will capitalize on opportunities to further increase prices and offset incremental costs, and our plant expansion will ensure GCC is well positioned for the growth we anticipate from the Infrastructure Investment and Jobs Act.”


GCC, S.A.B. de C.V. will host its earnings conference call on January 26, 2022.

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

Conference ID: 13725698

Dial in

U.S. (toll free):                1-877-407-0789

International:                 1-201-689-8562

Replay (through February 2, 2022, 11:59 p.m.):

U.S. (toll free):                1-844-512-2921

International:                 1-412-317-6671

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