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Vitro Reports 3Q'13 Sales down 6.1 percent and EBITDA up 0.6 percent

Post Time:Oct 31,2013Classify:Industry NewsView:66

Vitro, S.A.B. de C.V. (BMV: VITROA) (“Vitro” or the “Company”), one of the world's largest producers and distributors of glass products, today announced its unaudited results for the third quarter 2013.   

Third Quarter 2013 Highlights

  - Consolidated EBITDA increased 0.6 percent YoY to US$106 million, reflecting a good performance by the container division, counterweighting a lower result in the flat glass unit.

 - As a continued effort to reduce even further the debt leverage, the Company has been able to reduce the net debt by US$83 million to US$1,039 million, from US$ US$1,122 million in the previous quarter, supported by a healthy cash flow from operations of US$100 million.

 - Consolidated net sales declined 6.1 percent year-over-year (“YoY”) to US$427 million, primarily reflecting the impact of adverse weather caused by hurricanes Manuel and Ingrid in Mexico during September and lower sales volumes, particularly in the Automotive and Beer segments at Flat Glass and Glass Containers, respectively.

Commenting on Vitro’s outlook and performance, Mr. Adrian Sada Cueva, Chief Executive Officer, said, “We have had several key accomplishments this year and continue to make progress on our strategy to further enhance operational and financial performance. Further capitalizing on our existing growth opportunities, this quarter we regained additional OEM (Original Equipment Manufacturers) business that we lost during our debt restructuring process. At the same time, the prepayment of our US$122.4 million Mandatory Convertible Note in July has contributed to reduced financing costs and further strengthened our balance sheet”.

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Source: http://www.glassonweb.com/news/index/20644/Author:

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