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Industrias Bachoco Announces Fourth Quarter and Full Year 2017 Results
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PR Newswire
CELAYA, Mexico, Jan. 31, 2018
CELAYA, Mexico, Jan. 31, 2018 /PRNewswire/ -- Industrias Bachoco, S.A.B. de C.V., "Bachoco" or "the Company", (NYSE: IBA; BMV: Bachoco) announced today its unaudited results for the fourth quarter ("4Q17") and 2017 year ("2017") results ending December 31, 2017. All figures have been prepared in accordance with International Financial Reporting Standard ("IFRS"), and are presented in nominal million Mexican Pesos ("$").
HIGHLIGHTS- 2017
- Net sales increased 5.9% in 4Q17 and 11.6% in year 2017.
- EBITDA margin was 7.1% for 4Q17 and 10.9% for the whole year.
- Earnings per basic and diluted share totaled $2.46 for 4Q17 and $8.07 for the year.
CEO COMMENTS
Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated "With 4Q17 we ended a year of excellent results with historically high; net sales, EBITDA and earnings per share, among others. All of this, despite the challenges we faced in the fourth quarter.
In Mexico, during the first part of the quarter, we observed oversupply conditions in the chicken industry, leading to lower prices than we expected. However, by the end of the quarter, we observed a recovery in the demand and a better balance between supply and demand.
In the US, we observed similar prices to 4Q16 for poultry, despite an industry growing at slightly higher rates than normalized levels during the fourth quarter.
We reached an increase in total sales of 5.9% in 4Q17 when compared to 4Q16, and an EBITDA of $1,074.3 million, lower than the EBITDA of the same quarter of 2016. For the fourth quarter, our EBITDA margin was 7.1% and our earnings per basic and diluted share were $2.46
We continue working on the integration of our recent acquisitions, Albertville Quality Foods and La Perla, in order to capitalize the synergies as fast as we can.
For the full year of 2017, we increased total sales by 11.6%, our EBITDA grew 9.4%, and earnings per share of $8.07; the highest amounts in the company's history.
We continued with our growth plans as our CAPEX reached $3,479.3 million for the year, including acquisitions.
Our financial structure continued strong as we ended the quarter with a net cash of $11,979.7 million, which will allow us to continue supporting our growth plans".
EXECUTIVE SUMMARY
The following financial information is expressed in millions of nominal pesos, except for amounts per share or per ADR, with comparative figures for the same period in 2016.
QUARTERLY RESULTS
| NET SALES BY GEOGRAPHY | | | | | |
| In millions of pesos | | 4Q17 | 4Q16 | Change | |
| | | $ | $ | $ | % |
| Net sales | | 15,039.1 | 14,206.6 | 832.6 | 5.9 |
| Net sales in Mexico | | 10,268.4 | 10,266.9 | 1.4 | 0.0 |
| Net sales in the U.S. | | 4,770.7 | 3,939.6 | 831.1 | 21.1 |
| NET SALES BY SEGMENT | | | | | |
| In millions of pesos | | 4Q17 | 4Q16 | Change | |
| | | $ | $ | $ | % |
| Net sales | | 15,039.1 | 14,206.6 | 832.6 | 5.9 |
| Poultry | | 13,562.0 | 12,734.2 | 827.8 | 6.5 |
| Other | | 1,477.1 | 1,472.4 | 4.8 | 0.3 |
| NET VOLUME SOLD BY SEGMENT | | | ||||
| In tons | | Change | ||||
| | 4Q17 | 4Q16 | Volume | % | ||
| Total sales volume: | 585,965 | 550,991 | 34,974 | 6.3 | ||
| Poultry | 461,653 | 442,246 | 19,406 | 4.4 | ||
| Others | 124,312 | 108,744 | 15,568 | 14.3 | ||
| | | | | | ||
The Company's 4Q17 net sales totaled $15,039.1 million, $832.6 million or 5.9% more than $14,206.6 million reported in 4Q16. The increase is a mainly result of more volume sold when compared to 4Q16.
In 4Q17, sales of our U.S. operations represented 31.7% of our total sales; this compares with 27.7% it represented in 4Q16. Most of the increase comes from the integration of Albertville Quality Foods (AQF).
| GROSS PROFIT | | | | | |
| In millions of pesos | | 4Q17 | 4Q16 | Change | |
| | | $ | $ | $ | % |
| Cost of sales | | 12,808.8 Werbung Mehr Nachrichten zur INDS BACHOCO SAB ADR/12 Aktie kostenlos abonnieren
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