PORTO ALEGRE, Brazil, May 6 /PRNewswire-FirstCall/ -- Gerdau S.A. (NYSE: GGB) announces its first quarter consolidated information.
1st quarter of 2010 Highlights
Shipments reached 4.1 million tonnes in the 1Q10, 32% higher than in the 1Q09, mainly due to a recovery on sales for construction and industry in the Brazilian domestic market of Brazil Business Operation.
Net Revenue reached R$ 7.1 billion in the 1Q10, slightly higher than 1Q09, due to higher shipments, partially offset by the Real appreciation in the period.
1Q10 EBITDA reached R$ 1.4 billion, more than doubling the value recorded in the 1Q09. The EBITDA margin reached 20% in the 1Q10, compared to 9% in the 1Q09.
Net Income was R$ 573 million in the 1Q10, compared to R$ 35 million in the 1Q09.
Investments in fixed assets totaled R$ 233 million in the 1Q10.
Net Debt was R$ 10.1 billion on March, 31st 2010, representing 2.2x of the last twelve months EBITDA.
The Company approved a payment of dividend, in the form of interest on equity, of R$ 170 million (R$0.12/share), for Gerdau S.A. shareholders, and R$ 65 million (R$0.16/share) for Metalurgica Gerdau S.A. shareholders, based on the results of the 1Q10. The payment will be on May 27th, 2010.
Additional Information
Gerdau S.A. informs that it has filed today its 1Q10 results at the Securities and Exchange Commission (SEC) and at the Comissao de Valores Mobiliarios (CVM), which are available at Gerdau's website. To access this document, please click on http://www.gerdau.com/investidores/informacoes-financeiras-informacoes-relevantes.aspx?language=en-US
The 1Q10 Valuation Guide is also available at Gerdau's site http://www.gerdau.com/investidores/informacoes-operacionais.aspx?language=en-US
SOURCE Gerdau S.A.
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