SÃO PAULO, Aug. 14, 2019 /PRNewswire/ -- Eucatex (B3: EUCA3 and EUCA4), one of the largest manufacturers of wood panels in Brazil, with operations also in the paint and varnish, laminated flooring, wall partitions and doors segments, announces today its results for the second quarter of 2019 (2Q19).
Net revenue grew 23.5% to R$373.0 million, from R$302.0 million in 2Q18. Net Revenue from the Company's Operating Segments also was positive: the Wood Segment posted growth of 29.9% in 2Q19 compared to 2Q18, supported by higher sales volume, while the Paint Segment grew 9.1%.
The Net Revenue growth and Gross Margin expansion in 2Q19 had a positive effect on Recurring Net Income, which amounted to R$23.4 million, growing by 524.1% in relation to 2Q18.
In 2Q19, Recurring EBITDA was R$71.7 million, up 32.1% in relation to 2Q18, while EBITDA Margin expanded 1.2 p.p. to 19.2%.
Wood Segment sales volume, considering both domestic and export markets, expanded 27.4% in 2Q19, mainly due to the performance of Fiberboard and T-HDF/MDF, which exceeded the Company's expectations.
Net Debt decreased by R$14.3 million (-3.3%) in relation to 1Q19, to R$421.4 million, representing 1.6 times annualized Recurring EBITDA.
In the first six months of 2019, Recurring Net Income was R$41.0 million, growing 13,628.5% on the prior-year period, supported by growth in Total Net Revenue of 20.4%, to R$729.5 million, as well as by Gross Margin expansion. The higher Total Net Revenue is explained by the positive performance of the Company's Operating Segments, with growth of 24.1% in the Wood Segment and of 9.7% in the Paint Segment in 1H19 compared to 1H18.
Recurring EBITDA was R$138.3 million, advancing 30.7% on 1H18, while Recurring EBITDA Margin expanded 1.5 p.p. to 19.0%.
The earnings release, presentation and financial statements are available at: www.ri.eucatex.com.br/ri
Conference Call: August 16, 2019, 11:00 a.m. (Brazil), Dial-in: (11) 2188-0155.
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