The results during the first quarter of 2024 evidence the strong fundamentals of the Vidrala business as it is today.
Demand is showing signs of stabilisation in all regions of activity, at a time when customer service level is particularly well positioned to capture this context. Competitiveness levels are improving, driven by the ambitious investments made to realign Vidrala’s industrial footprint in Iberia and expand filling and logistics services in the UK. Moreover, the new perimeter after the integration of Vidroporto in Brazil is progressively contributing to superior growth.
Sales
Sales reported by Vidrala during the first three months of 2024 amounted to EUR 419.4 million, representing an increase of +11.0 percent over the previous year. On a constant currency basis, sales grew +1.4 percent, before considering the effect of the scope change due to the consolidation of Vidroporto’s results since December 1, 2023 and the exclusion of Vidrala Italia, reported as discontinued operations from March 1, 2024.
Operating results
Operating profit –EBITDA– obtained in the first three months of 2024 reached EUR 109.8 million. This represents an increase of +9.1 percent over the figure reported last year, reflecting an organic change of -4.7 percent, without considering the effect of scope changes.
EBITDA margins reached 26.2 percent over sales. This represents a contraction of approximately 40 basis points over the previous year.
Results and financial position
Net profit in the first quarter amounted to EUR 52.8 million. As a result, earnings per share during the period reached EUR 1.64 per share. This represents a decrease of -9.8 percent over the previous period.
Net debt at March 31, 2024 stood at EUR 529.7 million. This is equivalent to a leverage ratio of 1.2x times last twelve months pro-forma EBITDA. These figures include disbursements for recent M&A transactions and incorporate the acquired debt.
Highlights
- Sales during the first three months of 2024 amounted to EUR 419.4 million, showing an organic growth of +1.4 percent.
- Operating profit, EBITDA, amounted to EUR 109.8 million representing an operating margin of 26.2 percent.
- Earnings per share declined -9.8 percent over the same period last year, to EUR 1.64 per share.
- Net debt as of March 31, 2024 stood at EUR 529.7 million, equivalent to 1.2x times last twelve months pro-forma EBITDA.
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