Vitro, S.A.B. de C.V. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
July 27, 2015
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Vitro, S.A.B. de C.V. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, consolidated Net Sales were $219 million against $224 million a year ago. Operating income was $36 million against $21 million a year ago. Loss before tax was $11 million against income before tax of $4 million a year ago. Net income from continuing operations was $1 million against $10 million a year ago. Net income was $39 million against $34 million a year ago. EBITDA was $50 million against $38 million a year ago. Total net debt decreased by $44 million to $980 from $1,024 in second quarter of 2014, primarily reflecting a scheduled amortization of $12.5 million and excess cash flow payment of approximately $2 million to the 2018. Cash flow from operations after capex was $111 million against $95 million a year ago. Capex was $31 million against $18 million a year ago. Net free cash flow was $59 million against $23 million a year ago.
For the six months, consolidated Net Sales were $420 million against $439 million a year ago. Operating income was $59 million against $49 million a year ago. Loss before tax was $48 million against $2 million a year ago. Net loss from continuing operations was $21 million against $4 million a year ago. Net income was $48 million against $43 million a year ago. EBITDA was $87 million against $82 million a year ago. Cash flow from operations after capex was $147 million against $151 million a year ago. Capex was $55 million against $42 million a year ago. Net free cash flow was $87 million against $65 million a year ago. Net free cash flow was mainly driven by a higher EBITDA of $121 million, compared to $96 million a year ago, and higher change in working capital of $21 million, primarily reflecting higher accounts payable in line with operations, compared to a $17 million change in Working Capital in a year ago. Cash flow also benefitted from lower Net interest and Cash Taxes paid, of $43 million and $9 million, respectively.
Vitro, S.A.B. de C.V. is a glass producer in Mexico. The Company, through its subsidiary companies, produces, processes, distributes and markets a range of glass products. It operates through two segments: Glass containers, which includes glass containers, precision components, as well as machinery and molds for the glass industry, and Flat glass, which includes flat glass for the construction and automotive industries, and carbonate and sodium bicarbonate. The Company's products include glass containers, float glass, automotive OEM glass, automotive replacement glass, machinery & equipment, and chemicals. It is also a supplier of raw materials, mold manufacturing, equipment and machinery, and equipment for industrial and chemicals. Through its Containers and Float Glass business units, it serves the cosmetics, perfume pharmaceutical, construction and automotive industries, as well as the chemical, machinery and equipment, and molds industries.