CEMEX, S.A.B de C.V. (NYSE:CX) Q3 2022 Results Conference Call October 27, 2022 10:00 AM ET
Company Participants
Louisa Rodriguez - IR
Fernando Gonzalez - CEO
Maher Al-Haffar - CFO
Conference Call Participants
Carlos Peyrelongue - Bank of America
Vanessa Quiroga - Credit Suisse
Gordon Lee - BTG Pactual
Anne Milne - Bank of America
Alberto Valerio - UBS
Bruno Amorim - Goldman Sachs
Operator
Good morning. Welcome to the CEMEX Third Quarter 2022 Conference Call and Webcast. My name is Lauren, and I'll be your operator for today. [Operator Instructions] And now, I will turn the conference over to Louisa Rodriguez, Chief Communications Officer. Please proceed.
Louisa Rodriguez
Good morning. Thank you for joining us today for our third quarter 2022 conference call and webcast. I hope this call finds you and your families in good health. I'm joined today by Fernando Gonzalez, our CEO; and Maher Al-Haffar, our CFO. As always, we will spend a few minutes reviewing the business, and then we will be happy to take your questions.
Before we begin, I would like to quickly remind you about our CEMEX Day event taking place on Wednesday, November 16. This event will be a live webcast presentation where our CEO and top management will focus on climate action, our digital and growth strategy and provide a medium-term outlook on our regions. You can find further details on our website. And now I will hand the call over to Fernando. Fernando?
Fernando Gonzalez
Thanks, Lucy, and good day to everyone. Before I begin, during the quarter, we experienced severe weather events that impacted our local communities in Florida and the Caribbean. We are doing whatever we can to support and reconstruction efforts in the communities in which we serve. Our thoughts are with all of those who have been affected.
And now to discuss the quarter. Our top line grew 13%, driven by double-digit price increases across all products. While the magnitude of our pricing increases has been significant, it has been more than matched by relentless input cost inflation, particularly in energy, with consequences for our EBITDA and margin. To date, pricing has been able to offset inflationary cost in dollar terms, but has not yet succeeded in regaining margins. We continue to see inflationary headwinds that outpaced our pricing efforts, particularly in Mexico. We are making some progress, however, as in the quarter, we did see 2 regions begin to recover margins in cement, our most energy-intensive product.