In a press release dated July 26th Industrias Bachoco S.A.B. de C.V. (IBA) announced results for the 2nd Quarter ending June 30th 2021.
The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as US$ x 1,000 except EPS. Conversion, Mex. Peso 20 = $1)
|
2nd Quarter Ending June 30th
|
2021
|
2020
|
Difference (%)
|
|
Sales1:
|
$1,045,700
|
$821,600
|
+27.3
|
|
Gross profit:
|
$198,500
|
$92,900
|
+113.7
|
|
Operating income:
|
$104,700
|
$41,400
|
+152.9
|
|
Pre-tax Income
Net Income
|
$82,100
$72,300
|
$(10.8)
$(1.4)
|
+860.0
+5264.3
|
|
Diluted earnings per share:
|
$0.12
|
$0.01
|
+1,300.0
|
|
Gross Margin (%)
|
18.9
|
11.3
|
+67.3
|
|
Operating Margin (%)
|
10.0
|
5.0
|
+100.0
|
|
Profit Margin (%)
|
6.9
|
(0.2)
|
+3550.0
|
|
Long-term Debt:
|
$122,000
|
$124,700
|
-2.2
|
|
12 Months Trailing:
|
|
Return on Assets (%)
|
8.5
|
|
Return on Equity (%)
|
11.9
|
|
Operating Margin (%)
|
10.6
|
|
Profit Margin (%)
|
7.0
|
|
Total Assets
|
$3,091,500
|
$2,923,800
|
+5.7
|
|
Market Capitalization
|
$2,199,000
|
Note 1. Mexico 76.3%; U.S. (OK Foods) 23.7%
52-Week Range in Share Price: $33.91 to $48.47 50-day Moving average $45.44
Market Close Monday 26th July $45.22. Open post release Tuesday 27th $47.25
Trailing P/E 8.2 Beta 0.8
Capital expenditure $65.4 million Q2 2021: $49.6 million Q2 2020
In commenting on results for the 2nd. Quarter, Rodolfo Ramos Arvizu, Chief Executive Officer of Bachoco, stated, “During this quarter we continued to observe a good balance between supply and demand. Even though costs were higher, our focus on efficiencies drove us to achieve good results in our second quarter of 2021”. He added “Regarding our cost of sales, raw material prices continued to be high in USD terms. This meant an increase in our total cost of sales of 16% when compared to the same quarter of 2020. However, our efforts and focus towards efficiencies in our processes permitted us to offset part of this increase”.