By The Associated Press
Wednesday, October 28, 2009
Mexican cement giant Cemex is reducing its 2009 operating cash flow outlook but says it will have enough money to cover its debt through mid-2011.
Hector Medina is the company's executive vice president. He says Cemex estimates its earnings before interest, taxes, depreciation and amortization to be $2.9 billion this year. That's down from an earlier outlook of $3.1 billion.
Cemex SAB de CV says its net income plunged almost 40 percent in the third quarter on a 27 percent drop in sales.
The Monterrey-based company says profits fell to $121 million in July through September, compared to earnings of $200 million in the same 2008 period. Sales declined to $4.2 billion from $5.8 billion.
Medina spoke to analysts on Wednesday.