Eternit: Operating income grows 9.0% and adjusted EBITDA reaches R$ 54.7 million in 4Q14
SAO PAULO, March 12, 2015 /PRNewswire/ -- Eternit S.A. (BM&FBOVESPA:ETER3;OTC:ETNTY) announces its results for the 4Q14.
Eternit significantly outperformed the construction materials sector, thanks to the recovery of suppressed demand resulting from the numerous holidays in the first half of the year, combined with a period of higher seasonal demand for the Company. On the other hand, the economic scenario was challenging and caused a decrease in demand for construction materials in the fourth quarter of 2014, according to the Brazilian Construction Materials Industry Association (ABRAMAT).
Chrysotile asbestos sales in 4Q14 totaled 66,700 tons, decreasing 10.8% from 4Q13, partially offset by higher volume of exports. In the same period, fiber-cement sales reached 229,000 tons, increasing 5.5% from 4Q13, whereas concrete roofing tile sales decreased 21.7%, due to lower demand in the high-end roofing market, especially in the B2C (business-to-consumer) segment.
Consolidated net revenue in 4Q14 amounted to R$263.6 million, up 4.1% from 4Q13, mostly driven by higher fiber-cement and chrysotile mineral exports, and the appreciation of the U.S. dollar against the Brazilian real, which offset the lower sales volume of concrete roofing tiles and chrysotile in the domestic market.
Adjusted EBITDA in 4Q14 reached R$54.7 million, 22.2% higher than in 4Q13, mainly due to the fact that consolidated net revenue outgrew the cost of goods sold. Net income decreased 8.1% from 4Q13 to R$23.2 million in 4Q14, mainly due to lower net financial income and negative equity pickup.
Investments in 4Q14 totaled R$37.2 million, up 59.4% from 4Q13, of which (i) R$23.2 million went to the establishment of a unit in the state of Amazonas for the research, development and production of construction material inputs and (ii) R$14.0 million went to the maintenance and modernization of the Group's industrial facilities.
Conference call/Webcast
Date: 03/13/15
Time: 11.00 a.m. Brazilian Local Time – 10.00 a.m. New York – 02.00 p.m. London
Presentation can be followed on the website link www.ccall.com.br/eternit/4q14.htm or
by telephone, dial the following telephone number (1-786) 924-6977 - Password:Eternit
IR Team Contact - +55 (11) 31914-3881/3194-3872 ri@eternit.com.br
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