VITRO Continues Positive Trend in 1Q'04

Date: 29 April 2004
Source: Yahoo

Date: 29 April 2004

Vitro S.A. de C.V. one of the world's largest producers and distributors of glass products, today announced 1Q04 un-audited results.

Vitro posted 4.2 percent YoY growth in consolidated sales, with all three business units contributing to the increase. Consolidated EBITDA rose YoY by 1.2 percent, driven by improved performance at the Glass Containers and Glassware business units, which more than compensated for the decline in Flat Glass. Consolidated EBIT for the quarter, however, declined by 10.5 percent, with decreases at both the Flat Glass and Glass Containers business units. Consolidated EBITDA and EBIT margins declined YoY by 45 basis points and 86 basis points, respectively. EBITDA for the LTM improved to US$365 million as of March 31, 2004, from US$364 million as of December 31, 2003.

Alvaro Rodriguez, Chief Financial Officer, commented: "The results were in line with the expectations and our guidance. A positive signal is that sales increased for the first time in eight quarters, driven by strong volume growth across the board. We believe these are additional signals that we are in a positive trend."

"These results once again demonstrate the value of Vitro's asset portfolio. While last year, Flat Glass was the stronger performer, this time Glass Containers and Glassware are driving performance. We believe that this business and asset structure provides a valuable base for stability in sales and cash generation. This is one of Vitro's greatest strengths."

Further commenting on Vitro's strong business portfolio, Mr. Rodriguez said: "Although we may see variations quarter to quarter, longer term, Glass Containers is expected to provide downside protection while Flat Glass adds growth potential."

Mr. Rodriguez added: "We continue to deliver on our stated strategy to focus on our three glass business units with the sale of Vitro's interest in Vitro Fibras, our former fiberglass operation. The proceeds of this sale will be used during the year to pay down debt."

"In addition, on April 2, 2004 through a syndicated loan facility taken at the Glassware business unit, Vitro refinanced close to 40% of its non-revolving bank debt due in 2004. This transaction is evidence of the financial initiatives we're committed to, and will continue to pursue as part of our ongoing efforts to improve Vitro's capital structure," Mr. Rodriguez concluded.

600450 VITRO Continues Positive Trend in 1Q'04 glassonweb.com

See more news about:

Others also read

The glass sector has the increasingly widespread requirement of having an unlimited catalogue of parametric shapes and creating new ones in a simple way without being an expert in the field.
Shoaib Akhtar is going to be back on Indian TV screens. He is going to be featured in the new TV ad campaign for Asahi Glass.
Glass Confusion is starting the New Year with Beginning Fused Glass group classes. The three-week course will be held Wednesdays from 10 a.m. to 1 p.m. and again from 5 p.m. to 9 p.m.
Worldwide glass-substrate capacity is expected to continue to grow more than 40% each quarter through 2005, as a result of capacity expansion by existing glass-substrate suppliers and new companies joining the market, according to DisplaySearch.
Western Pennsylvania’s once-thriving glassmaking industry is dwindling, as did the domestic steel industry and for many of the same reasons: competition and cost.
Architects Robert and Esteve Terradas of Barcelona describe the city’s newly-renovated and expanded (45,000 m2) Science Museum (completed September 2004) as "a living museum that will set new standards in terms of transparency - a very modern construction that will enable the plants and animals inside to really live and breathe." The project was made possible by the use of an innovative grade of DuPont™ SentryGlas© Plus™ structural interlayer that is "UV-breathable, on the flat roof of an Amazonian rainforest exhibit".The UV-breathable 938 m2 laminated glass roof is rectangular in shape.

Add new comment