UPDATE 2-Mexico's Cemex misses analysts' expectations, shares sink
(New throughout, adds details from conference call, share price drop)
MONTERREY/MEXICO CITY Oct 22 (Reuters) - Mexico's Cemex , one of the world's largest cement companies, on Thursday reported a third-quarter loss, missing analysts' expectations of a small profit, as a cut in expenses failed to offset a dip in revenue.
Cemex shares sank more than 5 percent after a conference call with executives, as analysts expressed concern about the drop in revenue in the latest quarter amid currency volatility and competition, and the outlook for growth in the low-single digits.
The company reported a loss of $44 million compared to a loss of $106 million a year earlier, adjusted for asset sales in the quarter.
Analysts had expected the company to report a $1 million profit, helped by lower costs and expenses.
Revenue fell 9 percent to $3.7 billion, which a 10 percent decline in expenses to $800 million failed to offset.
Executives told analysts that revenue is likely to grow in the low-single-digit range for the remainder of 2015, and they are focused on continuing to reduce costs and expenses, as well as selling assets.
Cemex has sold $620 million in assets and trimmed its debt by $710 million this year so far, according to the company's quarterly presentation to analysts.
Core operating profit, or operating earnings before interest, taxes, depreciation and amortization, fell 10 percent to $677 million.
Cemex shares were down 5.57 percent at 11.87 pesos in morning trading after the call. (Reporting by Gabriela Lopez and Elinor Comlay; editing by Jason Neely and David Gregorio)
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