Gerdau (GGBR4) reported adjusted net profit of R$1.25 billion in the first quarter of 2023 (1Q24), an amount 47.9% lower than that reported in the same period of 2023, the steel company said on Thursday (2). .
The company explains that the result was “affected by lower margins and sales volume.”
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled R$2,813 billion in the first quarter of 2024, a decrease of 34.9% compared to the first quarter of 2023.
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EBITDA margin reached 17.4% between January and March of this year, down 5.5 percentage points compared to the margin recorded in the first quarter of 2023.
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Gerdau: Results
Total net revenues amounted to R$16,210 billion in the first quarter of this year, a decrease of 14.1% compared to the same point in 2023.
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Gross profit was R$2.4 billion in the first quarter of 2024, a decrease of 33.3% compared to the same period in 2023. Gross profit margin was 14.9% in the first quarter of 2024, a decrease of 4.3 percentage points compared to the margin of the first quarter of 2023. .
Total general and administrative expenses amounted to R$501 million in the first quarter of 2024, a decrease of 6.9% compared to the same period in 2023.
The net financial result was negative at R$476 million in the first quarter of 2024, an increase of 852% over the financial losses at the same point in 2023.
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As of March 31, 2024, the company's net debt amounted to R$11,040 billion, a decrease of 10.0% compared to the same point in 2023.
The leverage index, measured by net debt/adjusted EBITDA, was 0.40 times on March 23, an increase of 0.09 percentage points compared to the same period in 2023.
The Board of Directors of Gerdau (GGBR4) and Metalúrgica Gerdau Holding (GOAU4) approved a dividend of approximately R$785.2 million. Of the total amount, R$589 million goes to Gerdau shareholders and R$196.2 million goes to shareholders of the holding company.
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The amount per share for Gerdau is R$0.28 and R$0.19 for Met. Gerdau.
Payments will be made to Gerdau shareholders starting March 27, 2024 and May 28 to Met shareholders. Gerdau, based on the stock's position on May 15 of this year.
Therefore, from May 16, 2024, these shares will be traded on the stock exchange without a right (i.e. those who traded from this date onwards will not be entitled to the proceeds).
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