LUXEMBOURG -- (Marketwired) -- 04/30/13 -- Ternium S.A. (NYSE: TX) today announced its results for the first quarter ended March 31, 2013.
The financial and operational information contained in this press release is based on Ternium S.A.'s operational data and consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) and presented in U.S. dollars (USD) and metric tons.
Summary of First Quarter 2013 Results
1Q 2013(1) 4Q 2012(2) 1Q 2012(2)Steel Shipments (tons) 2,241,000 2,168,000 3% 2,162,000 4%Iron Ore Shipments (tons) 1,101,000 496,000 122% 452,000 143%Net Sales (USD million) 2,135.7 2,071.0 3% 2,181.9 -2%Operating Income (USD million) 271.8 123.9 119% 284.2 -4%EBITDA (USD million) 367.7 228.1 61% 373.0 -1%EBITDA Margin (% of net sales) 17% 11% 17%Equity in Losses of non-consolidated companies (15.9) (295.6) (15.4)Net Income (Loss) (USD million) 151.4 (233.1) 171.2Equity Holders' Net Income (USD million) 129.3 (215.6) 142.2Earnings (Losses) per ADS (USD) 0.66 (1.10) 0.72
•EBITDA(3) of USD367.7 million in the first quarter 2013, USD139.6 million higher than EBITDA in the fourth quarter 2012 mainly as a result of 3% higher sales and 8% lower steel operating cost per ton(4). •Earnings per American Depositary Share (ADS)(5) of USD0.66 in the first quarter 2013, a USD1.76 higher result per ADS than in the fourth quarter 2012 mainly due to a USD1.21 loss per ADS in the fourth quarter 2012 as a result of the impairment of our investment in Usiminas, and a sequential increase in operating income in the first quarter 2013. •Capital expenditures of USD218.1 million in the first quarter 2013, down from USD312.4 million in the fourth quarter 2012. •Net debt position of USD1.5 billion at the end of March 2013, down from USD1.7 billion at the end of December 2012.
(1) Iron ore shipments in the first quarter 2013 include Ternium's interest in Peña Colorada. Starting on January 1, 2013, Peña Colorada and Exiros have been proportionally consolidated. Comparative amounts for both companies show them as investments in non-consolidated companies and their results are included within "Equity in earnings (losses) of non-consolidated companies" in the consolidated income statement.
(2) Certain comparative amounts have been reclassified to conform to changes in presentation in the current period, and also to reflect the changes in connection with the completion of the purchase price allocation of Usiminas.
(3) EBITDA in the first quarter 2013 equals operating income of USD271.8 million adjusted to exclude depreciation and amortization of USD95.9 million.
(4) Operating cost per ton equals cost of sales plus SG&A, divided by shipments.
(5) Each American Depositary Share (ADS) represents 10 shares of Ternium's common stock. Results are based on a weighted average number of shares of common stock outstanding (net of treasury shares) of 1,963,076,776.