Grupo Bimbo: Reports Q2-2020 Financial Results

Mexico City / MX. (gb) Mexico’s Grupo Bimbo S.A.B. de C.V. reported its financial results for the second three months ended June 30, 2020.

Highlights of the Quarter

  • Grupo Bimbo posted record second quarter Net Sales of Ps. 86,411 million, a 19.9 percent increase, due to outstanding volume growth in North America and an FX rate benefit
  • The Company reported record Adjusted Ebitda 2 for a second quarter, which grew 29.2 percent and the margin expanded 100 basis points
  • Net Majority Income more than doubled, and the margin expanded 130 basis points
  • Cumulative Free Cash Flow 3 totaled Ps. 6.8 billion

Recent Events

  • The Company paid its outstanding USUSD 200 million notes due in June 2020
  • Grupo Bimbo prepaid USD 400 million of its committed revolving credit facility
  • The Company completed the acquisition of the «Paterna» plant from Cerealto Siro Foods in Valencia, Spain

«I am very proud of the remarkable results during the quarter, now more than ever I see the strong benefit of being a diversified global Company. This was only possible due to our teams’ commitment and our frontline associates’ hard work; they have all done an extraordinary job and I want to thank all of them for doing such a great job in these difficult circumstances,» says Daniel Servitje, Chairman and CEO, in the Group’s statement.

«Second quarter results were outstanding; we were able to generate strong free cash flow and record levels of sales and adjusted Ebitda for a second quarter. Our hard-currency revenues represented more than 60 percent of our revenues and close to 60 percent of our adjusted Ebitda, reinforcing our global profile,» says Diego Gaxiola, CFO, in the same statement.

For additional information please read the company’s PDF file below (713 KB).