Vending

Grupo Bimbo reports record Q1 2022

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May 3, 2022

Grupo Bimbo, a Mexico based snack manufacturer, reported a record first quarter for Q1 2022, according to an earnings release. Highlights include:

• Net sales rose 17.75% from 79.3 billion pesos ($3.87 billion) in Q1 2021 to 93.3 billion pesos ($4.55 billion) in Q1 2022, a record first quarter.
• Net consolidated income rose 11.7% from 4.33 billion pesos ($210 million) to 4.8 billion pesos ($230 million).
• North America sales rose from 38.9 billion pesos ($1.9 billion) to 45.6 billion pesos ($2.23 billion).
• Mexico sales rose 19.5% from 37.6 billion pesos ($1.84 billion) to 33 billion pesos ($1.51 billion), and Latin America sales rose 21.2% from 7.37 billion pesos ($360 million) to 8.93 billion pesos ($440 million).

Shares traded at $2.99 Monday against a 52-week range of $1.99-$3.35.

"Our results for the quarter were outstanding, especially when we consider the tough comparison from the remarkable results in the first quarter of 2021 we are cycling, overall inflation, and the complicated operating environment in several countries," Diego Gaxiola, CFO, said in the press release. "We will continue working tirelessly on pulling the right levers to offset most of these effects."

Mondelēz International recently agreed to acquire Grupo Bimbo's confectionery business, Ricolino, for approximately $1.3 billion.