Mexico's Bimbo 4Q Net Profit Down 26% On Operations, Taxes
February 22 2012 - 7:15PM
Dow Jones News
Mexican baked goods company Grupo Bimbo SAB (BIMBO.MX) said
Wednesday its fourth-quarter net profit decreased 26% on the year
to 1.01 billion pesos ($79 million), a reflection of the company's
operating performance and higher effective tax rate.
The company said sales rose 37% to MXN41.62 billion, driven by
organic growth and the integration of Sara Lee Corp. (SLE)
operations in the U.S. and Spain, as well as Fargo operations in
Argentina.
Higher raw material costs, integration expenses for acquisitions
and the depreciation of the Mexican peso ate into the company's
quarterly gross margin, which was 51% versus 51.9% in the
year-earlier quarter.
Operating income for the quarter increased 8.4% to MXN2.90
billion, although the company's operating margin fell to 7% from
8.8%.
Earnings before interest, taxes, depreciation and amortization
grew 15% to MXN4.60 billion for an Ebitda margin of 11% compared
with 13.2% in the fourth quarter 2010.
For the full year, Bimbo posted net profit of MXN5.33 billion,
down 1.2%, for a net profit margin of 4%. Net sales grew 14.1% in
2011 to MXN133.73 billion.
-By Amy Guthrie, Dow Jones Newswires; (5255) 5980-5177;
amy.guthrie@dowjones.com
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