GCC Reports Third Quarter 2023 Results

CHIHUAHUA, Mexico, Oct. 24, 2023 (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 of 2023.


  • Consolidated net sales increased 17.9% year-on-year, to US$416.1 million
  • U.S. sales grew 11.3% as cement and concrete prices rose 12.4% and 17.1%, respectively
  • U.S. concrete volumes increased 1.1%
  • Mexico sales increased 39.3% reflecting a 2.9% and 6% increase in cement and concrete volumes, respectively. Mexico sales excluding the appreciation of the Mexican peso increased by 19.7%
  • Mexico cement and concrete prices increased by 8.2% and 16.5%, respectively
  • EBITDA increased 35% to US$158.5 million with a 38.1% EBITDA margin
  • Free cash flow totaled US$123.6 million with a 77.9% free cash flow conversion rate
  • Cash and equivalents totaled US$857.3 million
  • Net leverage (net debt/EBITDA) ratio totaled -0.82x as of September 2023
  • Earnings per share increased 53.4% year-on-year, to US$0.3238
  • GCC repurchased shares in the net amount of US$0.6 million

KEY FIGURES (millions of dollars)

 Q3 23Q3 22Q3 23 vs. Q3 229M 239M 229M 23 vs. 9M 22
Net sales416.1352.817.9%1,024.1879.816.4%
Operating income before other expenses, net135.593.145.5%284.7200.242.2%
EBITDA margin38.1%33.3% 34.6%30.9% 
Free cash flow**123.6105.417.2%126.4158.8-20.4%
Net income105.869.552.1%220.3135.862.3%
Earnings per share (US$) ***0.32380.211153.4%0.67350.410963.9%

*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, commented: “Once again, GCC achieved double-digit growth in both top and bottom-line, driven by our commitment to excellence, and our strong client relationships. Our teams’ ability to navigate market conditions has enabled us to further strengthen our margins.”

Enrique continued, “Throughout the quarter, we continued to invest in our business, we focused on commercial performance to offset cost inflation and enhance margins, and on reinforcing our market position to build a stronger future for GCC.”

To access the earnings release: click here


GCC, S.A.B. de C.V. will host its earnings conference call on October 25, 2023.

Time: 11 a.m. Eastern Time (New York) / 9 a.m. Central Time (Mexico City)

Conference ID: 13735121

Dial in

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

International: 1-201-689-8562

Replay (through November 1, 2023, 3:20 p.m. ET):

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 6 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
Sahory Ogushi
+52 (614) 442 3176
+ 1 (303) 739 5943