Mexico City / MX. (gb) Mexico’s Grupo Bimbo S.A.B. de C.V. reported its financial results for the third three months ended September 30, 2020.
Highlights of the Quarter
- Grupo Bimbo posted record third quarter Net Sales of MXN 85.8 billion, a 14.6 percent increase, primarily due to outstanding volume growth in North America and FX rate benefit
- Adjusted Ebitda reached record levels for a third quarter, a 17.9 percent growth and a 40 basis point margin expansion
- Net Majority Income increased 85.4 percent, and the margin expanded 160 basis points
- Cumulative Free Cash Flow totaled MXN 13.4 billion
Recent Events
- Grupo Bimbo announced the cancellation of 169,441,413 shares held in treasury, nearly 4 percent of its total shares outstanding
- Grupo Bimbo organized virtually the 2020 Global Energy Race, and due to everyone’s participation, more than 6 million slices of bread will be donated to food banksin host cities
- Grupo Bimbo acquired the majority stake in its JV, Blue Label Mexico, committed to provide an electronic platform to small merchandisers in Mexico
«Our results demonstrate an exceptional quarter reaching record profit levels; we continue to experience high demand and strong performance in the retail channel where consumers are returning to reliable brands. We are on the right path to end the year stronger. Now more than ever we appreciate the efforts of our frontline associates who have continued to maintain momentum and perform with excellence at the point of sale,» says Daniel Servitje, Chairman and CEO, in the Group’s statement.
«Our financial decisions taken since the pandemic to prioritize cash generation and preservation have supported our strong results, achieving record levels of Free Cash Flow. We continue to be optimistic and confident for the remainder of the year given our strong financial performance and global diversification,» says Diego Gaxiola, CFO, in the same statement.
For additional information please read the company’s PDF file below (631 KB).
20201107-BIMBO-Q3-2020.