Key Highlights

  • Coca-Cola FEMSA (NYSE:KOF) reported revenue up 10.9% to 79.7 billion Mexican pesos, but majority net income rose only 5.5% as net financing expense climbed to 2 billion pesos from 1.3 billion.
  • CEMEX (NYSE:CX) reported EBITDA up 12% to about USD 990 million, with Mexico margin up nearly 4 points, and kept 2026 EBITDA growth guidance of 16% to 17% on an assumed 18.25 to 18.50 pesos per dollar.
  • Gerdau (NYSE:GGB) reported adjusted EBITDA of 3.771 billion Brazilian reais, up 37.8%, with North America about 76% of the total, and declared a dividend of 0.34 reais per share, payable December 15, 2026.
  • Noble Corporation (NYSE:NE) reported a net loss of USD 117.0 million after a USD 133.0 million tax charge, with a USD 6.7 billion contract backlog and fleet utilization up to 70% from 67% in the second quarter.

Coca-Cola FEMSA (NYSE:KOF): Record Volume but an EPS Miss

Coca-Cola FEMSA (NYSE:KOF) reported third quarter 2026 revenue up 10.9% to 79.7 billion Mexican pesos and record volume of 1.1 billion unit cases, up 5.3%. Adjusted EBITDA rose 16.2% to 16.8 billion pesos, helped by a 1.1 billion peso Brazil insurance recovery. Majority net income rose only 5.5% to 6.2 billion pesos because net financing expense climbed to 2 billion pesos from 1.3 billion, and published market data showed EPS of USD 1.59 against USD 1.89, a 16.03% miss. Mexico operating income fell 3.1% on higher marketing, labor and freight costs. Coca-Cola FEMSA (NYSE:KOF) plans more pricing in Mexico in mid-November, expects a moderately optimistic 2027 and will announce a capital return mechanism in early 2027. Peso weakness is the main risk. Colombia volume rose 15.9% and capacity is strained in Colombia and Venezuela. Hedging covers 65% of 2026 PET and 88% of sugar, but only 16% of 2027 PET, which leaves more raw material exposure next year if prices rise.

CEMEX (NYSE:CX): EBITDA Up 12% and Cash Flow Up 34%

CEMEX (NYSE:CX) reported third quarter 2026 EPS of USD 0.28 against a USD 0.21 consensus, a 33.33% beat in published market data. Net sales were about USD 4.59 billion, up about 8%, EBITDA rose 12% to about USD 990 million, and free cash flow from operations rose 34% to USD 723 million. Mexico delivered double-digit EBITDA growth and nearly 4 points of margin gain, while US cement prices fell 3% sequentially and a plant outage hurt. Net financial leverage fell to 1.8 times. Management remains confident in 2026 EBITDA growth of 16% to 17%. CEMEX (NYSE:CX) cited about USD 60 million of savings from its cost program. Fourth quarter maintenance and energy headwinds and US pricing are the risks. Net debt plus subordinated notes fell about USD 535 million since December and total debt fell USD 1.7 billion. Management assumed 18.25 to 18.50 pesos per dollar for the fourth quarter, so a weaker peso than that would affect its forecast.

Gerdau (NYSE:GGB): EBITDA Up 37.8% but a Reported Miss

Gerdau (NYSE:GGB) reported third quarter 2026 adjusted EBITDA of 3.771 billion Brazilian reais, up 37.8%, with a 20.2% margin that was the highest since the second quarter of 2023. Net income was 1.563 billion reais, or 0.79 reais per share, up from 0.54 reais. Published market data listed EPS of USD 0.77 against USD 1.00, a 22.79% miss on a currency basis the company release does not reconcile. North America earned 2.912 billion reais of adjusted EBITDA, about 76% of the total, while Brazil faced rising imports. The company declared a dividend of 0.34 reais per share payable December 15, 2026. Gerdau (NYSE:GGB) gave no numeric guidance. Import pressure in Brazil and shipments down 5.6% year over year are the risks. Brazil earned 741 million reais at a 10.7% margin, and South America earned 160 million reais, down 31.8% year over year. Fitch and S&P revised the outlook to positive, and net debt to adjusted EBITDA was 0.58 times.

Noble Corporation (NYSE:NE): USD 117.0 Million Loss From a Tax Charge

Noble Corporation (NYSE:NE) reported a third quarter 2026 net loss of USD 117.0 million, or USD 0.73 per share, because a USD 133.0 million income tax provision exceeded pre-tax income of USD 16.0 million. Published market data showed an adjusted loss of USD 0.57 per share against a USD 0.23 profit estimate. Revenue fell to USD 728.8 million from USD 798.0 million, adjusted EBITDA was USD 200.9 million, and contract backlog was USD 6.7 billion. Fleet utilization improved to 70% from 67%. The company trimmed the top of 2026 adjusted EBITDA guidance to USD 850 million to USD 900 million and declared a USD 0.50 dividend. Noble Corporation (NYSE:NE) faces day-rate pressure, tax volatility and rig downtime. Marketed rigs were 70% utilized, and backlog includes about USD 560 million of new contracts since July. The dividend is payable December 17, 2026, and the company made no share repurchases in the first nine months of 2026.

Where Things Stand

Four internationally exposed stocks showed that currency, tax and regional mix can matter as much as demand, which is a description and not advice. Coca-Cola FEMSA (NYSE:KOF) grew sales but financing costs trimmed profit. CEMEX (NYSE:CX) gained from Mexico pricing while the US was softer. Gerdau (NYSE:GGB) relied on North America as Brazil faced imports. Noble Corporation (NYSE:NE) showed that a tax charge can turn a small pre-tax profit into a large net loss. Peso and real moves, tax changes and import pressure are the common risks, and the figures in local currencies are not directly comparable. Investors should compare operating cash flow, leverage and guidance, because local currency growth can differ from dollar results. Coca-Cola FEMSA expects more pricing in Mexico from mid-November.