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 3Q’12 unaudited results.
Third Quarter 2012 Highlights:
- Consolidated net sales rose 4.7 percent, driven by an increase in value added Glass Containers sales and a strong performance in Flat Glass’ automotive market. Higher production capacity this quarter compared with 3Q’11 when capacity was affected by a scheduled furnace repair also benefited sales volume, more than offsetting the negative impact of the 5 percent YoY peso depreciation (quarterly average).
- Consolidated EBITDA increased 24.7 percent YoY mainly due to cost and expense reversals derived from lower than expected electricity costs as a result of the Tractebel incident and for an adjustment to the provision for product quality disputes as determined by our most current estimates. Excluding these two extraordinary items, results were driven by higher value added products sales and lower fees in connection with the Company’s debt restructuring process. Lower natural gas prices, continued operating efficiencies, and higher capacity utilization further contributed to operating performance.
- Consolidated net debt decreased 27.9 percent YoY to US$957 million at the end of 3Q’12 reflecting the conclusion of Vitro’s Mexican debt restructuring process upon consummation of the Company’s court-approved Concurso Plan in February 2012 and higher cash balances.
