Fertilizantes Heringer, Viana, Brazil, reported third-quarter net income of R$101.3 million, up 1,330 percent, on net revenue of R$1.31 billion, up from the year-ago R$7.1 million and R$712.2 million, respectively.
EBITDA was up 300 percent, at R$247.5 million from R$64.5 million. Heringer said it was the best EBITDA ever recorded by the company in a quarter.
Third-quarter volumes were nearly flat, up 0.4 percent to 448,886 mt from the year-ago 447,314 mt. Tonnage to the coffee crop represented the largest amount of volumes at 34 percent, down slightly from the year-ago 37 percent.
Third-quarter specialty fertilizer volumes were up 6 percent to 220,000 mt from 208,000 mt, while conventional tons were off 4 percent, to 229,000 mt from 239,000 mt.
Nine-month earnings were R$238.6 million on revenues of R$2.62 billion from the year-ago loss of R$245 million on revenues of R$1.39 billion.
EBITDA was R$467.1 million, up from R$84.8 million. The company said it was the best nine-month EBITDA and EBITDA margin ever achieved by the company.
Nine-month volumes were up 17.5 percent, to 1.06 million mt from 904,551 mt. Tons to coffee represented 29 percent of the volumes, down from the year-ago 32 percent.
Nine-month specialty tonnage was up 25 percent, to 509,000 mt from 407,000 mt, while conventional was up 11 percent, to 554,000 mt from 498,000 mt.
Heringer said it is now operating 11 of its 14 units, with active units representing 4.22 million mt/y of installed capacity and 638,000 mt in storage. Three units remain idled – Porto Alegre, Rio Grande, and Paranagua. Plants in Rosario do Catete in Sergipe and Rio Verde in Goias were the most recent to come up.
Going forward, Heringer said the fourth quarter traditionally has the highest revenues. It expects it will strongly reduce inventories and indebtedness.