Q3 2024 Unacemcorp SAA Earnings Call Transcript
Key Points
- Consolidated EBITDA for the quarter increased by 18.1% year-over-year, reaching PEN419 million, driven by margin improvements and revenue growth.
- Peruvian operations showed strong performance with ready-mix volumes up 13% due to large infrastructure projects.
- North American cement volumes increased by 105%, with favorable pricing environments and strong performance in California.
- Operations in Ecuador, Chile, and Colombia recorded significant improvements, with Ecuador expecting over a 20% annual increase in volumes for 2023-2025.
- Energy business posted a combined EBITDA of PEN42 million with a 21% margin, up from 13% in the previous year, due to lower marginal costs.
- US operations faced a deceleration in ready-mix volumes due to customers' wait-and-see approach regarding interest rates and presidential election results.
- Clinker exports through the Conchan terminal decreased by 14.4% compared to the third quarter of 2023.
- Consolidated net debt increased to PEN5.2 billion, with a net leverage ratio of 3.23x EBITDA, above the company's target.
- Administrative expenses rose by 13.5% due to the incorporation of Tehachapi and higher personnel costs.
- Sales expenses increased by 17.4%, attributed to the incorporation of Tehachapi and additional commercial efforts.
Greetings, and welcome to the Grupo UNACEM third quarter 2024 results conference call. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Monica Paucar, Head of Investor Relations. Thank you, Monica. You may begin.
Thank you, Christine. Good morning, everyone, and welcome to our earnings conference call. This morning, Pedro Lerner, our CEO, will discuss the latest developments that affected our operations during the third quarter of the year. Later on, Alvaro Morales, UNACEM's Corporate CFO, will present the third quarter financials in detail.
Please note that we might disclose some forward-looking statements related to Grupo UNACEM based on currently known facts, expectations and forecasts, circumstances and assumptions regarding future events. Many factors could cause the future results, performance or achievements of Grupo UNACEM to be different from those expressed or assumed hearing. So this should be considered for
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