Mexico City, Mexico, April 24, 2024 — BECLE, S.A.B. de C.V. (“Cuervo”, “Becle” or the “Company”) (BMV: CUERVO) today announced financial results for the first quarter ended March 31, 2024.
All figures in this release are derived from the Company’s interim consolidated financial statements as of March 31, 2024, and for the three-month period then ended, which are prepared in accordance with International Financial Reporting Standards (IFRS).
First quarter 2024 highlights
- Volume decreased 4.4% to 5.3 million nine-liter cases;
- Net sales decreased 6.5% to P$8,960 million pesos (+1.0% in constant currency);
- Gross profit decreased 4.0% to P$4,664 million pesos (+8.1% in constant currency). Gross margin was 52.1%, an increase of 1.4 percentage points year over year;
- EBITDA decreased 1.3% to P$1,776 million pesos (+16.4% in constant currency). EBITDA margin was 19.8%, an increase of 1.0 percentage point year over year;
- Consolidated net income decreased 18.0% to P$1,010 million pesos. Net margin was 11.3%, a decrease of 1.5 percentage points year over year;
- Earnings per share was P$0.28.
All abovementioned increases and decreases have been determined in comparison to the corresponding period in the preceding year.
Management commentary
“We began 2024 with momentum amid challenging macroeconomic conditions and a slowdown in consumption in several of our markets. This is particularly notable as our premiumization strategy continues to yield positive results. Looking ahead, we’re confident in our ability to continue generating lasting shareholder value, given our strong portfolio and our proven ability to navigate adversity.”
First Quarter 2024 Unaudited Financial Results Conference Call and Webcast Details
Date: Thursday, April 25th, 2024
Time: 9:00 a.m. Mexico City Time (11:00 a.m. E.T.)
Participants: Juan Domingo Beckmann (CEO), Rodrigo de la Maza (CFO)
Dial-in:
Mexico: +52 55 1168 9973
Brazil: +55 61 2017 1549
USA: +1 718 866 4614
Canada: +1 587 855 1318
United Kingdom: +44 203 984 9844
France: +33 1758 50 878
Germany: +49 30 25 555 323
Conference ID: 623996
Webcast: https://mm.closir.com/slides?id=623996 or www.becle.com.mx.
Miranda Newswire – Full Press Release: Download PDF
Contact:
Investor Relations:
Bryan Carlson
Jose Ignacio Aldama
Investor Relations
Corporate Affairs:
Alfredo López alopez@cuervo.com.mx