GCC Reports Fourth Quarter and Full Year 2022 Results

Tuesday, January 31, 2023 at 9:06pm UTC

CHIHUAHUA, Mexico, Jan. 31, 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 fourth quarter and full year of 2022.


  • Consolidated net sales increased 12.6%, to US$1,169.5 million for the full year
  • U.S. sales grew 12% as cement and concrete volumes increased 2.9% and 3.1%, respectively
  • U.S. cement and concrete prices rose 12.1% and 4.4%, respectively
  • Mexico sales increased 14% reflecting an 8.6% increase in concrete volumes
  • Mexico cement and concrete prices increased by 12.5% and 8.7%, respectively
  • EBITDA increased 7.4% to US$362.7 million with a 31% EBITDA margin
  • Free cash flow increased 16.8% to US$284.7 million with a 78.5% free cash flow conversion rate
  • Earnings per share increased 23.7% year-on-year to US$0.5670
  • Cash and equivalents totaled US$832.1 million
  • Net leverage (net debt/EBITDA) ratio dropped to -0.95x by year-end
  • A dividend of Ps. 1.1621 per share was paid on May 17, 2022, representing a 15% year-on-year increase
  • GCC reactivated its share buyback program representing a net investment of US$26.4 million
  • Fitch Ratings upgraded GCC’s outlook to positive from stable and affirmed the Company’s BBB- credit rating
  • GCC announced its Odessa plant expansion, enabling increased production capacity exceeding one million metric tons


  • Consolidated net sales increased 12.3% year-on-year, to US$289.7 million
  • U.S. sales expanded 8% as cement and concrete prices increased by 16.2% and 12.5%, respectively
  • Mexico sales grew 23% reflecting a 10% increase in concrete volumes
  • Mexico cement and concrete prices increased by 12.5% and 10.2%, respectively
  • EBITDA increased 12.7% to US$91.3 million with a 31.5% EBITDA margin
  • Free cash flow totaled US$115.1 million with a 126% free cash flow conversion rate
  • Earnings per share increased 71.7% year-on-year to US$0.1562
  • GCC completed a net amount of US$5.9 million in repurchased shares

KEY FIGURES (millions of dollars)

 Q4 22Q4 21Q4 22 vs Q4 21202220212022 vs 2021
Net sales289.7257.912.3%1,169.51,038.812.6%
Operating income before other expenses, net69.357.221.1%269.5241.111.8%
EBITDA margin31.5%31.4% 31.0%32.5% 
Free cash flow**115.188.829.6%284.7243.716.8%
Net income51.330.170.2%187.1151.923.2%
Earnings per share (US$) ***0.15620.091071.7%0.56700.458323.7%

*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’s focus on operational excellence enabled us to deliver strong results in an unprecedented market environment. We continue to anticipate challenges, mitigating their potential effects while also capitalizing on important opportunities. Our team will continue to adapt to the evolving operating dynamics in the year ahead, as these will present further occasions for us to again leverage our exceptional competitive advantages.”

To access the earnings release: click here


GCC, S.A.B. de C.V. will host its earnings conference call on February 1, 2023.

Time: 10 a.m. (Eastern Time) / 9 a.m. (Central Time) / 8 a.m. (Mountain Time)

Conference ID: 13735118

Dial in

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

International:                 1-201-689-8562

Replay (through February 8, 2023, 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
Sahory Ogushi
+52 (614) 442 3176
+ 1 (303) 739 5943

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