Year over year consolidated sales increased 8.3 percent and EBITDA rose 6.9 percent. The consolidated EBITDA margin dropped slightly to 15.3 percent from 15.5 percent in the same period last year as natural gas prices increased 16 percent.
Commenting on the results for the quarter, Federico Sada, Chief Executive Officer, said, “The solid fundamentals of our core glass businesses are reflected in the results for the fourth quarter and the year. On a comparable basis, consolidated EBITDA, was a record fourth quarter and the highest fiscal year since 1999 at nearly $391 million, despite the natural gas disruptions. This was also a record fiscal year and fourth quarter at Glass Containers. We reported EBITDA of nearly $76 million for the quarter despite the significant increase in energy costs.”
“We are particularly pleased with Flat Glass performance,” Mr. Sada continued. “Our results reflect the continuing shift to value added, higher margin products in all locations. The fourth quarter of 2007 was the best on a comparable basis that we’ve seen in the last three years. EBITDA rose by 13.6 percent year over year. We also reported the highest comparable EBITDA for a fiscal year in Flat Glass since 2004.”
Mr. Enrique Osorio, Chief Financial Officer, noted, “We are starting the new year from a very strong base with both businesses in excellent condition. For example, at Flat Glass, both automotive replacement and OEM reported excellent year over year results. Our strategy to diversify our client base is starting to pay off in volume. And the price mix has improved as new platforms with increasing value added are substituted for older platforms.”
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