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Rassini, S.A.B. de C.V. and Subsidiaries Unaudited Results for the Second Quarter and First Half of 2018

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Rassini, S.A.B. de C.V. and Subsidiaries Unaudited Results for the Second Quarter and First Half of 2018

PR Newswire

MEXICO CITY, July 24, 2018 /PRNewswire/ -- Rassini, S.A.B. de C.V. (TICKER:RASSINI), a company engaged in the design and manufacture of suspension and brake components for the automotive industry, announced today its unaudited financial results for the second quarter ended June 30, 2018.

Second Quarter 2018 Financial Highlights:

  • Net revenue reached $4,740 million Mexican pesos.
  • EBITDA was $864 million Mexican pesos.
  • Net income before taxes and minority interest was $529 million Mexican pesos.
  • Net income was $360 million Mexican pesos.

First Half 2018 Financial Highlights:

  • Net revenue climbed to $9,488 million Mexican pesos.
  • EBITDA was $1,787 million Mexican pesos.
  • Net operating cash flow was $1,213 million Mexican pesos.
  • Net income was $816 million Mexican pesos.
  • Net Debt / annualized EBITDA ratio as of June 30, 2018 was 0.3x.
  • EBITDA / Net Interest Expense ratio as of June 30, 2018 was 12.8x.

The auto industry in North America achieved solid performance resulting from several factors, among them the fact that auto sales adjusted by seasonality (SAAR) in June reached 17.5 million vehicles, inventories were approximately 68 days of supply, and various favorable macroeconomic factors linked to the industry continued to track positively (GDP growth, unemployment rate, initial jobless claims, consumer confidence, etc.).

Financial Results:

Consolidated

First Half Results

(Jan 1-June 30)

Second Quarter Results

(April 1-June 30)

2018

(mill. Pesos)

2017

(mill. Pesos)

%
Change

2018

(mill.
Pesos)

2017

(mill.
Pesos)

%
Change

Sales

$9,488

$9,369

1%

$4,740

$4,489

6%

Gross Profit

$2,408

$2,466

(2%)

$1,185

$1,157

2%

EBITDA

$1,787

$1,851

(3%)

$864

$853

1%

Net Income before taxes
and minority interest

$1,119

$1,140

(2%)

$529

$542

(2%)

Net Income

$816

$876

(7%)

$360

$419

(14%)

For a complete overview of our financial results, please visit:
http://ir.rassini.com/en/reportes-trimestrales

Conference Call:

Rassini will host a conference call on Wednesday, July 25, 2018 at 9:00 a.m. (U.S. Central Time/Mexico City Time) / 10:00 a.m. (U.S. Eastern Time) to discuss its unaudited second quarter financial results and recent business activities.

The conference call may be accessed using the following numbers:

US:

+1-844-266-7440

Mexico:

01-800-926-9157

International:

+1-213-784-1694

Passcode: 

4398348

Please dial in approximately 10 minutes before the scheduled time of this call.

A replay of the conference call will be available starting from 12:00 p.m. (U.S. Central Time/Mexico City Time) on July 25, 2018 to 11:59 p.m. (U.S. Central Time/Mexico City Time) on August 1, 2018 using the following numbers:

US:

+1-855-859-2056

Mexico:

404-537-3406

Passcode:

4398348

A presentation deck for the call will be available at:
http://ir.rassini.com/en/reportes-trimestrales

RASSINI

Rassini is a leading designer and manufacturer of suspension and brake components for the global automotive industry, mainly focused on original equipment manufacturers (OEMs).

Rassini is the world's largest producer of suspension components for light commercial vehicles, as well as the largest fully integrated brakes disc producer in the Americas. Rassini has eight manufacturing sites strategically located in Mexico, the U.S. and Brazil, as well as five tech centers located in the same countries.

Suspension products include leaf springs (parabolic and multi-leaf) for light and commercial trucks, coil springs and bushings. The brakes business manufactures rotors, drums, brake assemblies, clutch plates and motor balancers.

Its solid and diversified customer base includes: General Motors, Ford Motor Co., FCA, Nissan, Volkswagen, Toyota, MAN, Scania, Mercedes Benz and Daimler among others.

Contact:

Emma Bocanegra Fragoso
Rassini, S.A.B. de C.V.
Tel: (5255) 5229-58-34
E-mail: ebocanegra@rassini.com
www.rassini.com

 

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SOURCE Rassini, S.A.B. de C.V.

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