BRAZIL – Eucatex, a leading manufacturer of wood-based panels in Brazil, reported that sales revenue in 3Q-2023 reached BRL 684.7 million, compared to BRL 672.8 million in 3Q-2022, a slight increase of 1.8%.
In the Furniture Industry and Resale Segment, composed of MDP/MDF/THDF and Fiberboard panels, sales grew 9.5% in 3Q-2023. In 3Q-2023, the Export Segment recorded a 13.5% reduction in net sales year-on-year. Sales in its main export market – the United States – fell 16.2%, reflecting the slowdown in sales in that country.
According to IBÁ, Brazilian exports of MDP and MDF decreased 8.4% in 3Q-2023 compared to 3Q-2022, and 39.1% in 9M-2023 compared to 9M-2022.
As a result of the above, Recurring EBITDA totaled BRL 140.1 million in 3Q-2023, 11.0% higher than in 3Q-2022. EBITDA margin in 3Q-2023 was 20.5%, 1.7 p.p. higher than in 3Q-2022.
In 9M-2023, Recurring EBITDA totaled BRL 418.1 million, up 13.6% year-on-year, while Recurring EBITDA Margin in 9M-2023 was 20.8%, up 1.1 p.p. compared to 9M-2022.
Investments made in 3Q-2023 and 9M-2023 amounted to BRL 62.2 million and BRL 183.8 million, respectively.
The investments are intended for the maintenance of the company’s industrial and, mainly, forestry activities. For 2023, investments in the order of BRL 251.0 million are expected, representing an increase of 4.0% compared to 2022, due to the significant increase in the planting of new forests and the increase in the prices of parts and services.
Recurring Net Income (profit) in 3Q-2023, excluding the effect of non-recurring expenses and net of income tax, amounted to BRL 71.7 million, 50.9% higher than in 3Q-2022.
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