Becle S.A.B. de C.V Reports First Quarter 2024 Unaudited Financial Results

Cuervo wire cut

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)


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: or


Miranda Newswire – Full Press Release: Download PDF



Investor Relations:

Bryan Carlson

Jose Ignacio Aldama

Investor Relations

Corporate Affairs:

Alfredo López

About Becle
Becle is a globally renowned company in the spirits industry and the world’s largest producer of tequila. Its extraordinary portfolio of over 30 spirits brands, some of them owned, some of them agency brands distributed only in Mexico, has been developed throughout the years to participate in key categories with high growth potential, serving the world’s most important alcoholic beverage markets and attending key consumer preferences and tendencies.
Becle’s portfolio strength is based on the profound legacy of its iconic internally developed brands such as Jose Cuervo®, combined with complementary acquisitions such as Three Olives®, Hangar 1®, Stranahan’s®, Bushmills®, Pendleton® and Boodles®, as well as a relentless focus on innovation that over the years has created renowned brands such as 1800®, Maestro Dobel®, Centenario®, Kraken®, Jose Cuervo® Margaritas and B:oost®, among others. Some of Becle’s brands are sold and distributed in more than 85 countries.
EBITDA is a measure used in the Company’s financial analysis that is not recognized under IFRS but is calculated from amounts that derive from the Company’s financial statements. We calculate EBITDA as net income plus depreciation and amortization, income tax expense, and interest expense, less interest income, plus foreign exchange gain (loss).
EBITDA is not an IFRS measure of liquidity or performance, nor is EBITDA a recognized financial measure under IFRS. We believe that EBITDA can be useful to facilitate comparisons of operating performance between periods on a combined basis, but these metrics may be calculated differently by other issuers. EBITDA should not be construed as an alternative to (i) net income as an indicator of the Company’s operating performance or (ii) cash flow from operating activities as a measure of the Company’s liquidity.
This press release contains certain forward-looking statements which are based on Becle’s current expectations and observations. Actual results obtained may vary significantly from these estimates. The information related to future performance contained in this press release should be read jointly with the risks included in the “Risk Factors” section of the Annual Report filed with the Comisión Nacional Bancaria y de Valores (Mexican National Banking and Securities Commission). This information, as well as future statements made by Becle or by any of its legal representatives, either in writing or verbally, may vary significantly from the actual results obtained. These forward-looking statements speak only as of the date on which they are made, and no assurance can be made as to the actual results obtained. Becle undertakes no obligation and does not intend to update or review any such forward-looking statements, whether as a result of new information, future developments or other related events.

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