GCC Reports First Quarter 2024 Results

CHIHUAHUA, Mexico, April 23, 2024 (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 first quarter of 2024.


  • Consolidated net sales increased 11.9% year-on-year, to US$272.8 million
  • U.S. sales grew 17% as cement and concrete volumes rose 8.3% and 5.6%, respectively
  • U.S. cement and concrete prices increased 5.7% and 12%, respectively
  • Mexico sales increased 4% reflecting a 4.9% and 8.6% increase in cement and concrete prices, respectively
  • EBITDA increased 31.6% to US$82.9 million with a 30.4% EBITDA margin
  • Cash and equivalents totaled US$980.5 million
  • Net leverage (net debt/EBITDA) ratio totaled -0.99x as of March 2023
  • Earnings per share increased 51.4% year-on-year, to US$0.1496
  • Free cash flow totaled US$40.4 million with a 48.8% free cash flow conversion rate

(millions of dollars)

 Q1 24Q1 23Q1 24 vs. Q1 23
Net sales272.8243.911.9%
Operating income before other expenses, net58.540.245.5%
EBITDA margin30.4%25.8% 
Free cash flow**40.4(15.7)n.m.
Net income48.932.451.1%
Earnings per share (US$) ***0.14960.098851.4%

*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:
“GCC delivered a solid first quarter, marked by record sales and strong profitability driven by operational stability and continued cost improvement.”

Enrique continued, “We are well-positioned for continued success, supported by our backlog, competitive advantages and our steadfast commitment to executing our strategy focused on sustainability and long-term profitability.”

To access the earnings release: click here


GCC, S.A.B. de C.V. will host its earnings conference call on April 24, 2024.

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

Conference ID: 13743115

Dial in
U.S. (toll free): 1-877-407-0789
International: 1-201-689-8562
Replay (through May 1, 2024, 11:59 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 and Mexico. 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