On InfoMoney Radar this Thursday, we highlight the final stretch of the corporate results crop, highlighting JBS that reversed loss and earned R $ 356.7 million, Natura with net profit retraction by 48% and more balance sheets, and the CVC's new CFO. Check out the highlights:
JBS reversed loss of the third quarter last year and had profit of $ 356.7 million in the same period this year.
Earnings before interest, taxes, depreciation and amortization (Ebitda) totaled R $ 5.9 billion, an increase of 33.6%, with margin growing from 9.0% to 11.3%. With an extraordinary adjustment of R $ 12 million, Ebitda was the largest ever recorded by the company. This amount includes the impact of R $ 460.1 million in the quarter, due to the adoption of IFRS 16 from 1Q19.
Net revenue was R $ 52.2 billion, up 5.6%. The highlights were the JBS Brazil, JBS USA Pork and Seara units, which posted growth in local currency revenue of 11.4%, 8.4% and 7.4%, respectively. In the quarter, approximately 73% of JBS global sales were made in the domestic markets where JBS operates and 27% through exports.
According to the company, leverage dropped to 2.39 times in dollars and 2.56 times in reais, "being the lowest levels ever recorded by the Company"
Natura earned R $ 68.6 million in the third quarter of this year. The number is 48.4% lower than reported a year earlier ($ 132.8 million) and also frustrated the expectation of analysts heard by Bloomberg, who expected gain of $ 119 million.
The company's net revenue rose 7.2% in the annual comparison, totaling R $ 3.47 billion between July and September. The market expected a slightly lower figure of $ 3.43 billion.
Earnings before interest, taxes, depreciation and amortization (Ebitda) stood at R $ 398.9 million – a 17.4% decrease over the third quarter of 2018 (R $ 483 million). The projection was $ 464.8 million, according to Bloomberg.
As a result, the company's EBITDA margin (ratio of operating cash generation to net revenue) fell 3.4 percentage points from 14.9% in the third quarter of 2018 to 11.5% between July and September this year.
Natura was able to continue with the deleveraging process. Net debt to EBITDA declined to 2.98 times, compared to 3.27 times in the third quarter of 2018, in line with the guidance to reduce to 1.4 times in 2021.
For Bradesco BBI, while Natura's figures showed some weakness in earnings, there was progress in strategic business priorities. In Brazil, the adoption of the consultant application and the expansion of consultants using the online channel is positive, while in Latin America there was volume growth at its highest level in several years.
At The Body Shop, UK sales progress is positive, dispelling perceptions that the brand could be deteriorating, but the most challenging part of the recovery is yet to come with the rollout of a new concept store, he adds. Bradesco BBI.
Qualicorp had a profit of $ 119.1 million in the third quarter of this year, 9% higher than a year earlier ($ 109.8 million), but slightly below the estimates of analysts heard by Bloomberg ( R $ 123.5 million).
The company's net revenue was R $ 517.7 million, a 5.4% growth over the R $ 491.1 million recorded in the third quarter of 2018. The market forecast, according to Bloomberg, was R $ 514 , 4 million.
Qualicorp's adjusted EBITDA increased 11.7% to R $ 271.5 million. Analysts had expected an ebitda of R $ 263,3 million. The EBITDA margin went from 49.5% in the third quarter of 2018 to 52.4% between July and September this year.
For Itaú BBA, the balance was positive, with the company achieving healthy sales and profitability driven by digital transformation. “Qualicorp reported encouraging trends in organic gross sales, despite a still marginal improvement in the challenging turnover rate,” he said.
“The benefits of increased participation in digital sales were once again a positive surprise, leading to robust profitability gains. We expect a positive market reaction, ”added Itaú BBA in a report.
Centauro had profit of R $ 38.4 million in the third quarter, practically stable in the annual comparison. Profit, without the effect of IRFS 16, was R $ 46.7 million, an increase of 21.8%.
EBITDA reached R $ 117.07 million, an increase of 42.8% and, without IFRS 16, totaled R $ 80.5 million, a 1.8% decrease. Net revenue increased 9.6% to R $ 621,003 million.
Itaú BBA considered the result positive, as expected. Given the rally in recent weeks, the institution expects a neutral reaction in the stock. In addition, it lowered the recommendation for market perfor, but keeping the target price of $ 24.
“Centauro's results have shown robust and continuous growth in online and offline channels, as well as encouraging KPIs for their omnichannel. A richer sales mix and later higher gross margin led to healthy adjusted Ebitda margin gains in the period, ”he said.
Hapvida earned R $ 215.9 million in the third quarter of this year, a growth of 13.5% over the same period of 2018.
The company's net revenue totaled R $ 1.32 billion between July and September. The value is 13.1% higher than a year earlier ($ 1.16 billion).
Hapvida's EBITDA stood at R $ 235.3 million, up 23.7% year-on-year. As a result, the company's EBITDA margin reached 17.9%, compared to 16.3% a year earlier.
BR Malls (BRML3)
BRMalls had a profit of R $ 258.4 million in the third quarter, up 180% compared to the same period last year. Already adjusted net income, without effect, for example, from the sale of malls – was R $ 186,828 million, up 51.4%.
Adjusted EBITDA totaled R $ 211.7 million, an increase of 16.8%, with an adjusted margin of 71.6% (+3.6 pp). Net revenue reached R $ 328.9 million, up 5.2%.
For Itaú BBA, the overall numbers were positive, with solid revenue growth. "Although same-store sales were weak, other operating indicators improved, especially the delinquency rate," he said.
However, Itaú adds that most operating indicators improved annually, which can be partially attributed to the divestment of non-essential assets in the period.
Aliansce Sonae (ALSO3)
Aliansce Sonae posted a consolidated loss of R $ 132.9 million in the third quarter of this year, reversing profit of R $ 23.1 million from a year earlier. In the managerial result, losses were R $ 145.1 million, compared to net gains of R $ 47.2 million.
Adjusted EBITDA increased 11.8% to R $ 164.4 million, with a margin of 73.6% (+1.1 pp). Aliansce Sonae's net revenue totaled R $ 227.2 million, up 10.7%.
CVC's Board of Directors approved the election of Maurício Montilha for the positions of Chief Financial Officer and Investor Relations Officer. The executive will take office from January 15, 2020.