Grupo Kuo, S.A.B. De C.V. Reports Earnings Results for the First Quarter of 2018; Provides CapEx Guidance for the Year 2018
April 18, 2018 at 10:00 am EDT
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Grupo Kuo, S.A.B. de C.V. reported earnings results for the first quarter of 2018. The company's revenues accounted MXN 9.9 million, 4% lower than first quarter 2017. During the quarter, the company continues to notice strong performance from the consumer sector, mainly in the Pork Meat business. In addition to higher demand on Megamex, U.S. branded Pork Meat. EBITDA during the quarter increased 8%, year-over-year, totaling MXN 1.4 billion. During the quarter, the company executed MXN 885 million in CapEx. At the end of the quarter, net debt amounted MXN 9.8 billion and net majority income of almost MXN 1.3 billion. The company recorded income tax of MXN 278 million.
The company expects 2018 will be the peak in terms of the CapEx investment.
Grupo KUO SAB de CV is a Mexico-based industrial and commercial global holding company. The Company holds shares of entities located in Mexico, the United States, Spain, Belgium and China that are engaged in manufacture and sale of consumer business products, including processed food, beverages and pork meat, chemical products and auto parts. Its business includes six strategic business units (SBUs), including Pork Meat, JV Herdez Del Fuerte, JV Synthetic Rubber, Plastics, Transmissions and Aftermarket. The Pork Meat SBU is a producer of pork in Mexico and exporter to Japan and South Korea. The Aftermarket SBU offers engine, power train and brake systems components, and is an exporter of gaskets, seals and joints. Its principal subsidiaries include Keken, S.A. de C.V. and subsidiaries; KUO Consumo, S.A.P.I. de C.V.; Industrias Negromex, S.A. de C.V; Resirene, S.A. de C.V.; Transmisiones y Equipos Mecanicos, S.A. de C.V., and Dacomsa, S.A. de C.V.
GRUPO KUO, S.A.B. DE C.V. 
