Alpek Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Fiscal 2017
July 27, 2017 at 10:30 am EDT
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Alpek announced unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported Revenue was USD 1,306 million against USD 1,237 million a year ago. The second quarter consolidated revenue was up 1% quarter-on-quarter and 6% year-on-year as lower average consolidated prices were more than offset by volume growth. EBITDA was USD 82 million against USD 158 million a year ago. Profit attributable to controlling interest was USD 25 million against USD 48 million a year ago. Net debt was USD 1,058 million against USD 910 million a year ago. Operating income was USD 49 million against USD 175 million a year ago. Consolidated net income was USD 38 million against USD 70 million a year ago. Comparable EBITDA was USD 99 million against USD 190 million a year ago. Earnings per share were USD 0.01 against USD 0.02 a year ago. Second quarter CapEx of USD 65 million reflected the ongoing development of strategic projects.
For the year to date, the company reported Revenue was USD 2,598 million against USD 2,419 million a year ago. EBITDA was USD 240 million against USD 380 million a year ago. Profit attributable to controlling interest was USD 112 million against USD 120 million a year ago. Operating income was USD 172 million against USD 312 million a year ago. Consolidated net income was USD 144 million against USD 175 million a year ago. Comparable EBITDA was USD 230 million against USD 368 million a year ago. Earnings per share were USD 0.05 against USD 0.06 a year ago. Year-to-date CapEx reached USD 142 million with the Altamira cogeneration project accounting for more than 60% of this amount.
For the quarter, the company reported total volume was 1,038,000 tons against 981,000 tons a year ago.
For the year to date, the company reported total volume was 2,024,000 tons against 1,970,000 tons a year ago.
The company expects consolidated EBITDA to return to guidance levels in the second half of 2017 as a result of stable Polyester plant operations, secondary feedstock price transfer initiatives, and a normalized oil price environment. The USD 12.5 million one-time gain is relevant when evaluating results again or 2017 guidance, since this line item was included in Alpek's USD 502 million EBITDA estimate.
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 Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Fiscal 2017
ALPEK, S.A.B. DE C.V. 
