Mexico City, Mexico, October 23, 2024 – BECLE, S.A.B. de C.V. (“Cuervo”, “Becle” or the “Company”) (BMV: CUERVO) announced today financial results for the third quarter ended September 30, 2024.
All figures in this release are derived from the Company’s interim consolidated financial statements as of September 30, 2024, and for the nine-month period then ended, which are prepared in accordance with International Financial Reporting Standard (IFRS).
Third quarter 2024 highlights
Volume decreased 7.2% to 6.0 million nine-liter cases;
Net sales increased 3.9% to P$10,949 million pesos;
Gross profit increased 14.7% to P$5,811 million pesos. Gross margin was 53.1%, an increase of 5.0 percentage points year over year;
EBITDA increased 82.7% to P$2,118 million pesos. EBITDA margin was 19.3%, an increase of 8.3 percentage points year over year;
Consolidated net income increased 338.2% to P$907 million pesos. Net margin was 8.3%, an increase of 6.3 percentage points year over year and;
Earnings per share (“EPS”) was P$0.25 pesos.
All aforementioned increases and decreases have been determined in comparison to the corresponding period in the preceding year.
Management commentary
“We continue to navigate a challenging market environment, marked by shifting economic conditions and evolving consumer behavior. Despite these headwinds, our sales performance has benefited from premiumization efforts and favorable foreign exchange effects, driving profitability and mitigating the industry downturn in key markets. The strength of our diverse brand portfolio has been crucial in maintaining our competitive edge. As we approach the end of the year, our efforts are centered on maintaining momentum andpositioning ourselves for a strong start to 2025.”
3Q24 Unaudited Financial Results Conference Call Details
Date: Thursday, October 24th, 2024
Time: 9:00 a.m. Mexico City Time (11:00 a.m. EDT)
Participants: Juan Domingo Beckmann (CEO), Rodrigo de la Maza (CFO)
How to join the conference call via the internet:
Please sign up ahead of time to access the webcast at: https://tinyurl.com/Becles3Q24ConferenceCall
After registering, you will receive a confirmation email with instructions on how to join.
Webinar ID: 966 2803 1662
How to join the conference call via telephone:
Dial one of the Mexican or International numbers below.
Enter the webcast ID (966 2803 1662), followed by the # sign.
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Mexico: +52 558 659 6002
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United Kingdom: +44 330 088 5830
Brazil: +55 21 3958 7888
Other international numbers available at: https://us02web.zoom.us/u/knEOJCJkC
Miranda Newswire – Full Press Release: Download PDF
Contact:
Investor Relations:
Bryan Carlson
Investor Relations
Corporate Affairs:
Alfredo López alopez@cuervo.com.mx