Industrias Bachoco Q3 Earnings Top Estimates

Industrias Bachoco SAB De CV IBA reported third-quarter FY21 sales growth of 10.6% year-on-year, to 20.2 billion Mexican pesos ($980 million), beating the analyst consensus of $958 million.
Sales in Mexico increased 14.1% Y/Y, and the U.S. rose 1.7%. Poultry segment sales rose 9.5% Y/Y.
Gross profit fell 18% Y/Y to 2.6 billion Mexican pesos, with the margin contracting 450 basis points to 12.9%.
The operating margin declined 440 basis points to 3.7%, and operating income for the quarter fell 50.3% to 738.4 million Mexican pesos.
EBITDA of 1.1 billion Mexican pesos declined 38.3% Y/Y with an EBITDA margin of 5.6%, down 440 basis points.
Earnings per ADR of $0.82 beat the analyst consensus of $0.79.
The company held 20 billion Mexican pesos ($973.3 million) in cash and equivalents as of September 30, 2021. Net cash provided by operating activities totaled $297 million as of September 30, 2021.
Price Action: IBA shares are trading lower by 1.21% at $43.6 on the last check Monday.