Year over year consolidated net sales increased 7.1 percent and EBITDA declined US$11 million or 10.5 percent. The consolidated EBITDA margin declined 280 basis points to 14.1 percent due to disruptions in production as a result of the failure in natural gas supply caused by two incidents at PEMEX pipelines. Excluding this effect, EBITDA for the quarter rose 1 percent to US$106 million.
Commenting on the results for the quarter, Federico Sada, Chief Executive Officer, said "This was another solid quarter with a strong performance at both Glass Containers and Flat Glass. In fact, excluding the impact of the interruption in natural gas supply in July and September, comparable consolidated EBITDA reached an all-time high."
"Our Glass Containers operations also posted record EBITDA during the quarter, excluding the effect of the disruption in operations," he continued.
Mr. Enrique Osorio, Chief Financial Officer, noted that "very quick response from the Vitro team and our energy suppliers, coupled with increased efficiencies and capacity utilization reduced the impact from both incidents limiting the total net effect to approximately US$12 million for Glass Containers and Flat Glass."
Read the entire report here.