Mexico City, Mexico, July 23, 2015 – Grupo Herdez, S.A.B. de C.V. (“Grupo Herdez” or the “Company”) (MSE: HERDEZ, OTC: GUZBY) today announced results for the second quarter ended June 30, 2015.
said Héctor Hernández-Pons Torres, Chairman and Chief Executive Officer.
“Growth in the quarter reflected continued momentum in Mexico core and the contribution of Helados Nestlé. Despite a cautious outlook on the rising US dollar, we expect to deliver our full year guidance,”
Highlights from the quarter:
- Consolidated net sales rose 18.9% primarily driven by the integration of Helados Nestlé.
- EBIT and EBITDA grew 34.6% and 35.7% respectively due to solid results in Mexico core and the incorporation of Helados Nestlé.
- Consolidated net income increased 22.5% to Ps. 405 million.
Net sales in the second quarter rose 18.9% from the year ago period to Ps. 3,946 million, primarily reflecting the integration of a full quarter of Helados Nestlé.
Net sales in Mexico core grew 7.7% driven by volume gains and tactic pricing actions implemented in April. Export sales increased 11.3%, where the strengthening of the US dollar was not enough to offset continuous inventory adjustments at MegaMex. In the Frozen division, sales grew 127.5% due to the integration of Helados Nestlé, as the pace of sales decline at Nutrisa slowed to a single digit.
On a cumulative basis, consolidated net sales rose 16.7% to Ps. 7,665 million, resulting primarily from the incorporation of Helados Nestlé as of March 2015 and solid volume performance in Mexico core.