ALPEK, S.A.B. de C.V. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2018; Reaffirms Earnings Guidance for the Year 2018; Provides Earnings Guidance for the Remainder of the Year 2018
October 17, 2018 at 09:02 pm EDT
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ALPEK, S.A.B. de C.V. announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported revenue of MXN 36,833 million compared to MXN 23,374 million a year ago. Operating income was MXN 4,407 million compared to loss of MXN 8,377 million a year ago. Consolidated net income was MXN 1,911 million compared to loss of MXN 7,020 million a year ago. EBITDA was USD 274 million compared to USD 3 million a year ago. CAPEX expenditures and acquisition were USD 37 million compared to USD 64 million a year ago. Net debt was USD 1,603 million compared to USD 1,637 million a year ago. Earnings per share were USD 0.04 compared to USD 0.07 a year ago. Comparable EBITDA was USD 234 million compared to USD 108 million a year ago.
For the nine months, the company reported revenue of MXN 99,721 million compared to MXN 73,988 million a year ago. Operating income was MXN 11,035 million compared to loss of MXN 4,938 million a year ago. Consolidated net income was MXN 6,924 million compared to loss of MXN 4,170 million a year ago. EBITDA was USD 694 million compared to USD 243 million a year ago. CAPEX and acquisitions was USD 564 million compared to USD 206 million a year ago. Earnings per share were USD 0.14 compared to loss per share of USD 0.14 a year ago. Comparable EBITDA was USD 622 million compared to USD 338 million a year ago.
Consolidated EBITDA is on track to exceed Alpek's revised 2018 Guidance of USD 750 million by more than USD 100 million as a result of higher oil and feedstock prices, better-than-expected global reference polyester margins, the consolidation of Suape/Citepe and a lower-than-expected impact from the unplanned Altamira plant shutdown, among others.
For the remainder of the year, The company expects a lower EBITDA than third quarter of 2018 and second quarter of 2018 based on demand seasonality, normalized Asian integrated PET margins following the mid-2018 spike and a potential inventory loss assuming feedstock prices come down from peak third quarter of 2018 levels.
Alpek SAB de CV is a Mexico-based company engaged in the chemicals sector. The Company's activities are divided into two business segments: Polyester and Plastics & Chemicals. The Polyester division focuses on the manufacture and distribution of purified terephthalic acid (PTA), polyethylene terephthalate (PET) and polyester fiber. The Plastics & Chemicals division is responsible for the production of polypropylene (PP), expandable polystyrene (EPS), caprolactam (CPL), ammonium sulfate, as well as specialty and industrial chemicals, such as surfactants, ethoxilates, glycoethers and desemulsionates. The Company's products are used in a range of industries, including consumer goods, food and beverages, automotive, construction, agriculture, oil and gas, as well as pharmaceuticals. It operates a number of production plants in the Americas. The Company is controlled by Alfa SAB de CV.
ALPEK, S.A.B. de C.V. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2018; Reaffirms Earnings Guidance for the Year 2018; Provides Earnings Guidance for the Remainder of the Year 2018
ALPEK, S.A.B. DE C.V. 
