PR Newswire
CELAYA, Mexico, Oct. 23, 2017
CELAYA, Mexico, Oct. 23, 2017 /PRNewswire/ -- Industrias Bachoco, S.A.B. de C.V., "Bachoco" or "the Company", (NYSE: IBA; BMV: Bachoco) announced today its unaudited results for the third quarter ("3Q17") and accumulated ("9M17") 2017 results ending September 30, 2017. All figures have been prepared in accordance with International Financial Reporting Standard ("IFRS"), and are presented in nominal million Mexican Pesos ("$").
HIGHLIGHTS- 2017 vs. 2016
CEO COMMENTS
Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated "In México, we continued observing a normalized supply in the poultry industry and as it is typical for the third quarter, lower prices than in 2Q17, we also continued with good demand levels. In the U.S. industry, we observed solid prices for most of the quarter. In both markets where we participate we observed a price adjustment at the end of the quarter.
During the quarter, we announced the acquisition of "La Perla" a Pet Food company located in the Mexican state of Queretaro and of "Albertville Quality Foods (AQF)" a further processing company located in Alabama USA., We are in the process of integrating both companies into our whole operations and consider that most of the benefits are to come.
For the quarter, we reached an increase in total sales of 12.7% in 3Q17 when compared to 3Q16, and an EBITDA of $1,449.6 million, 17.6% higher that the EBITDA of the same quarter of 2016. For the third quarter, our EBITDA margin was 10.2% and our earnings per basic and diluted share were $1.66.
We continued investing in the growth of our company, as our CAPEX reached $2,937.6 million for the year.
Our financial structure continued strong as we end the quarter with a net cash of $10,787.5 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 | | 3Q17 | 3Q16 | Change | |
| | $ | $ | $ | % |
Net sales | | 14,216.2 | 12,612.3 | 1,603.9 | 12.7 |
Net sales in Mexico | | 9,918.5 | 9,436.0 | 482.5 | 5.1 |
Net sales in the U.S. | | 4,297.7 | 3,176.2 | 1,121.4 | 35.3 |
NET SALES BY SEGMENT | | | | | |
In millions of pesos | | 3Q17 | 3Q16 | Change | |
| | $ | $ | $ | % |
Net sales | | 14,216.2 | 12,612.3 | 1,603.9 | 12.7 |
Poultry | | 12,970.1 | 11,348.1 | 1,622.1 | 14.3 |
Other | | 1,246.1 | 1,264.2 | (18.1) | (1.4) |
NET VOLUME SOLD BY SEGMENT | | | | |||
In tons | | | Change | |||
| 3Q17 | 3Q16 | Volume | % | ||
Total sales volume: | 541,710 | 526,343 | 15,367 | 2.92 | ||
Poultry | 422,278 | 411,710 | 10,568 | 2.57 | ||
Others | 119,432 | 114,632 | 4,799 | 4.19 |
The Company's 3Q17 net sales totaled $14,216.2 million, $1,603.9 million or 12.7% more than $12,612.3 million reported in 3Q16. The increase is a result of more volume sold and price increases in poultry when compared to 3Q16.
In 3Q17, sales of our U.S. operations remained strong and represented 30.2% of our total sales; this compares with 25.2 % it represented in 3Q16 of our total sales. In this quarter, we are including sales of Albertville Quality Foods (AQF) for the first time.
GROSS PROFIT | | | | | |
In millions of pesos | | 3Q17 | 3Q16 | Change | |
| | $ | $ | $ | % |
Cost of sales | | 11,732.3 | 10,657.9 Werbung Mehr Nachrichten zur INDS BACHOCO SAB ADR/12 Aktie kostenlos abonnieren
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