Vitro reports 1Q sales increase

  Company financial news

Vitro, the leading glass producer in Mexico, has announced its unaudited results for the first quarter of 2015.

Finances
Vitro reported a solid first quarter
“We reported a solid first quarter, achieving EBITDA growth of 10.6 percent YoY, despite the challenges faced during the period. Several external factors impacted results this quarter, including the sharp foreign exchange rate volatility, which resulted in a 14.0 percent depreciation of the peso against the US dollar. Lower capacity utilization due to the refurbishment of one of our flat glass furnaces also affected results. These factors were more than offset by our strong performance in most of our markets, the ongoing implementation of cost reduction initiatives that drove a 5.2 percent decline in SG&A and lower cost of natural gas,” said Mr. Adrián Sada Cueva, Chief Executive Officer.
“Our Glass Containers business delivered a solid performance across all segments, except the Cosmetics, Fragrances and Toiletries (“CFT”) market, which was affected by challenging market conditions. Sales to the Beer segment continue to show an upward trend driven by incremental sales volumes. Meanwhile, sales of returnable soft drink bottles have reached double-digit growth, with the Food and Wine & Liquor segments reporting ongoing sales volume growth. Performance in the Flat Glass business however, was affected by lower sales in the automotive and export construction markets. A temporary halt in production early in the quarter at one of our Original Equipment Manufacturing (“OEM”) clients, together with capacity constraints while one of our float furnaces was being refurbished, more t...
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