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25.04.2018 22:40
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Bachoco Announces First Quarter 2018 Results
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PR Newswire
CELAYA, Mexico, April 25, 2018
CELAYA, Mexico, April 25, 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 first quarter ("1Q18") ending March 31, 2018. All figures have been prepared in accordance with International Financial Reporting Standard ("IFRS"), and are presented in nominal million Mexican Pesos ("$"), except earnings per share.
HIGHLIGHTS- 2018 vs. 2017
- Net sales increased 11.8% in 1Q18.
- EBITDA margin was 13.7% in 1Q18 vs 8.8% in 1Q17, our EBITDA was $2,100.2 million, 74.5% more than in the 1Q17.
- Earnings per basic and diluted share were $2.09.
CEO COMMENTS
Mr. Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated, "In Mexico, this first quarter started strong. We believe that after the natural events that affected the economic dynamic in some regions of the country, demand for poultry products resumed its normal levels and combined with a moderate supply increase, allowed a balance supply – demand in the market. We did not see oversupply conditions as occurred in 1Q17.
The prices of our main raw material were stable, but we saw some volatility, mainly in soybean meal, in the second part of the quarter.
In the US market, we observed stable conditions when compared with the same quarter of last year. We continued with our process of integrating our 2017 acquisition and to capture synergies.
Sales and volume of our main product lines continued growing in both markets, which led us to an increase of 11.8% in total sales for 1Q18 when compared to the same quarter of 2017.
For 1Q18, we reached an EBITDA of $2,100.2 for 13.7% margin. This EBITDA represents an increase of 74.5% when compared with the 1Q17. Earnings per basic and diluted shares were $2.09 for the quarter.
The Company remained in a healthy financial condition as we reached a net cash level of $12,993.4 million, which will allow us to continue the support of our growth plans.
We will remain focused on continuous improvements and efficiencies across all of our processes and working close to our customers."
Executive Summary
The following financial information is expressed in millions of nominal pesos, except for amounts per share and per ADR, with comparative figures for the same periods of 2017.
QUARTERLY RESULTS
| NET SALES BY GEOGRAPHY | | | | | |
| In millions of pesos | | 1Q18 | 1Q17 | Change | |
| | | $ | $ | $ | % |
| Net sales | | 15,303.0 | 13,684.9 | 1,618.1 | 11.8 |
| Net sales in Mexico | | 11,091.5 | 9,949.3 | 1,142.2 | 11.5 |
| Net sales in the U.S. | | 4,211.5 | 3,735.6 | 475.9 | 12.7 |
| NET SALES BY SEGMENT | | | | | |
| In millions of pesos | | 1Q18 | 1Q17 | Change | |
| | | $ | $ | $ | % |
| Net sales | | 15,303.0 | 13,684.9 | 1,618.1 | 11.8 |
| Poultry | | 13,774.5 | 12,286.6 | 1,487.9 | 12.1 |
| Other | | 1,528.4 | 1,398.3 | 130.1 | 9.3 |
| NET VOLUME SOLD BY SEGMENT | | | | |
| In tons | | | Change | |
| | 1Q18 | 1Q17 | Volume | % |
| Total sales volume: | 546,750 | 528,099 | 18,651 | 3.53 |
| Poultry | 422,181 | 419,219 | 2,963 | 0.71 |
| Others | 124,569 | 108,880 | 15,689 | 14.41 |
| | | | | |
In 1Q18, the Company's net sales totaled $15,303.0 million; $1,618.1 million or 11.8% more than $13,684.9 million reported in 1Q17. This was a result of price increases in peso terms and more volume sold in our main product lines.
In 1Q18, sales of our U.S. operations were also strong and represented 27.5% of our total sales compared with 27.3% in 1Q17.
| GROSS PROFIT | | | | | |
| In millions of pesos | | 1Q18 | 1Q17 | Change | |
| | | $ | $ | $ | % |
| Cost of sales | | 12,085.8 | 11,493.3 Werbung Mehr Nachrichten zur INDS BACHOCO SAB ADR/12 Aktie kostenlos abonnieren
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