Gerdau sees profit surge in Q3

Wednesday, 28 October 2020 20:02:42 (GMT+3)   |   Sao Paulo
       

Brazilian integrated steelmaker Gerdau saw its net profit in Q3 surge 175 percent, year-over-year, and 152 percent, quarter-on-quarter, to BRL 795 million ($138.2 million), the company said on Wednesday.

Net revenues in Q3 rose 23 percent, year-over-year, and 40 percent, quarter-over-quarter, to BRL 12.2 billion ($2.1 billion).

Gerdau attributed the strong year-over-year and quarter-over-quarter increases to the appreciated USD, which weighed on the company’s results thanks to the results reported at its North American operations.

Crude steel output in Q3 reached 3.2 million mt, 17 percent up, year-over-year, and 32 percent up, quarter-over-quarter. Steel sales volumes in Q3 slightly grew 4 percent, year-over-year, and 35 percent, quarter-over-quarter, to 3.18 million mt.

Gerdau said gross margin in Q3 this year increased to 13.9 percent, up from 9.9 percent in Q3 2019, and 8.2 percent in Q2 this year. Adjusted EBITDA in Q3 this year was BRL 2.13 billion ($371.6 million), 46 percent up, year-over-year, and 62 percent up, quarter-over-quarter.

USD = BRL 5.76 (October 28)

 


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