ACERINOX: 1Q’21 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'21 vs. 1Q'20 ResultsSales: € 1.441 Bn (+24.3% vs. +17.8% expected and +17.1% expected by the market consensus);
EBITDA: € 161.0 M (+89.4% vs. +76.5% expected and +69.4% expected by the market consensus);
Net Profit: € 78.0 M (+178.6% vs. +164.3% expected and +125.0% expected by the market consensus);
Results came in above expectations in EBITDA (€ 161 M, +89.4% vs. 1Q’20 and vs. +76.5% BS(e) and +69.4% consensus) thanks to better-than-expected sales (+6%), which would have led to a slightly higher EBITDA margin (+50bps) given the good performance of the Stainless Steel business in the US and Europe. Note that the company had announced in the 4Q’20 that EBITDA in the 1Q’21 would already exceed 4Q’20 levels (€ 131 M), and it has come in +22.9% above that level.
Acerinox is the parent company of a group engaged in the manufacture and sale of flat and long stainless steel products, and stainless steel wires. Co.'s major products include slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-rolled coils, cold-rolled sheets and circles. Co. also provides long stainless steel products, such as wire rods, angles, hot rolled flat bars, hot rolled re-bars, reinforced bars in coils, cold rolled re-bars, hot rolled black bars, cold drawn bars, and smooth turned bars. In addition, Co. offers wires, welding wire bars, and bars for electrodes.
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