Orbia Announces First Quarter 2024 Financial Results
ORBIA ADVANCE DE UNSP/ADR (MXCHY)
NASDAQ:AMEX Investor Relations:
mexichem.com/investors
Company Research
Source: Business Wire
MEXICO CITY--(BUSINESS WIRE)--Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) (“the Company” or “Orbia”) today released unaudited results for the first quarter of 2024.Orbia’s first quarter performance reflects the continued weakness in the market environment, primarily driven by sustained elevated interest rates, lower prices, delays in private and public infrastructure projects and continued subdued demand in Europe. The Company continues to operate with strong fiscal and operational discipline, proactively managing the factors within its control during a challenging market environment.Q1 2024 Financial Highlights(All metrics are compared to Q1 2023 unless otherwise noted)Net revenues of $1.9 billion decreased 18%, driven primarily by lower volumes and lower prices in Connectivity Solutions, Polymer Solutions and Building & Infrastructure.EBITDA of $253 million decreased 46%, driven by lower revenues and the negative impact from the Mexican Peso appreciation across most
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