Why Cemex SAB de CV (CX) Advanced on Thursday

We recently compiled a list of the Impressive Earnings, Fresh Deals Propel Prices of These 10 Firms. In this article, we are going to take a look at where Cemex SAB de CV (NYSE:CX) stands against the other stocks.

Wall Street’s main indices ended mixed on Thursday, with the Dow Jones the sole decliner, losing 0.28 percent.

In contrast, both the S&P 500 and the Nasdaq Composite registered gains, rising by 0.36 percent and 0.51 percent, respectively.

Amid the earnings season, 10 companies saw significant increases in their valuations, thanks to stronger-than-expected earnings reports. Additionally, several firms enjoyed rallies fueled by newly secured deals.

To come up with Thursday’s biggest advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Cemex SAB de CV (NYSE:CX)

Cement manufacturer Cemex grew its share prices by 13.38 percent on Thursday to finish at $6.78 apiece as investors cheered the company’s strong earnings performance last year.

In a statement, Cemex said it achieved a 415-percent surge in net income in full-year 2024 at $939 million versus the $182 million registered in 2023 on the back of a lower effective tax rate coupled with gains from asset divestments. In the fourth quarter alone, Cemex swung to a net profit of $48 million versus a $441 million net loss in the same period a year ago.

Meanwhile, consolidated net sales dipped by 1 percent to $16.2 billion while remaining flat in the fourth quarter as higher prices were offset by lower volumes in the market.

As part of its savings program, Cemex launched what it calls Project Cutting Edge, a $350-million saving initiative for three years that aims to streamline operations and improve efficiency, while heavily leveraging digital technology.

 

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

This article is originally published at Insider Monkey.