Mexico-based cement producer Cemex SAB de CV on Tuesday issued a second-quarter earnings outlook above Wall Street's expectations, but cut its full-year pretax earnings prediction citing a further weakening of the U.S. construction market.
For the full-year, the company now expects earnings before interest, taxes and amortization (EBITDA) of about $5.3 billion, compared with a previous forecast of $5.6 billion.
Cemex still expects full-year sales of about $24.5 billion. Analysts estimate sales at about $24.19 billion.
For the quarter ending June 30, the company predicts second-quarter operating income of about $960 million, an increase of 19 percent from a year earlier. Analysts polled by Thomson Financial expect an operating profit of $836.4 million.
The company looks for sales of $6.4 billion, 31 percent higher than the 2007 second quarter. Analysts predict sales of $6.18 billion.
The prediction includes gains from its purchase of Australia's Rinker Group Ltd. last year.
Cemex sees better-than-expected results in Europe, Asia, Australia, South and Central America. But higher energy costs and a weakening construction market in the U.S. continue to hurt overall results, Cemex said.
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