BRAZIL - Eucatex, one of the largest manufacturers of panels in Brazil, with operations also in the paint and varnish, laminated flooring, partitions and doors segments, announces its results for the first quarter of 2018 (1Q-2018).

Sales revenue totaled BRL 303.9 million, compared to BRL 283.1 million in 1Q-2017, a growth of 7.3%. In the Wood Segment, revenue grew 8.9% to BRL 222.9 million due mainly to the performance in the export market and the price increases.

Recurring EBITDA totaled BRL 51.5 million, up 13.9% from 1Q-2017. Recurring EBITDA margin reached 16.9%, compared to 16.0% in the same period last year. Recurring net income in 1Q-2018 amounted to BRL 5.2 million, down 46.6% from 1Q-2017.

In light of a scenario of improvement in unemployment rates, lower interest rates and expansion of credit, the Company expressed confidence in the new business environment, continuing the implementation of actions designed to increase sales in both the domestic and export markets, while also reducing expenses and streamlining processes.

Eucatex recently exchanged assets with its main competitor Duratex in order to increase its fiberboard capacity, which was submitted to Brazil's antitrust authority CADE for approval.