Research Desk Line-up: Aceto Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 7, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Braskem S.A. (NYSE: BAK), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=BAK, following the Company's release of its financial results on August 16, 2017, for the second quarter of the fiscal year 2017. The Company's net revenue increased 1% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Chemicals - Major Diversified industry. Pro-TD has currently selected Aceto Corporation (NASDAQ: ACET) for due-diligence and potential coverage as the Company announced on August 24, 2017, its financial results for Q4 FY17 and FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Aceto when we publish it.
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For the three months ended June 30, 2017, Braskem's net revenue increased 1% to R$11.87 billion from R$11.72 billion in Q2 FY16.
For the reported quarter, the Company's gross profit decreased 11% to R$2.89 billion from R$3.26 billion in Q2 FY16. During Q2 FY17, Braskem's gross margin decreased 350 basis points to 24.3% of revenue from 27.8% of revenue in Q2 FY16.
For the reported quarter, Braskem's general and administrative expenses (G&A) increased 3% to R$312 million from R$301 million in Q2 FY16.
During Q2 FY17, the Company's earnings before interest, tax, depreciation, and amortization (EBITDA) was R$3.03 billion, almost at par with EBITDA R$3.04 billion in Q2 FY16. For the reported quarter, Braskem's adjusted EBITDA increased 1% to R$3.03 billion from R$3.01 billion in Q2 FY16.
During Q2 FY17, Braskem's operating income decreased 2% to R$2.31 billion from R$2.36 billion in Q2 FY16. For the reported quarter, the Company's operating margin decreased 60 basis points to 19.5% of revenue from 20.1% of revenue in Q2 FY16.
During Q2 FY17, Braskem's net income increased 316% on a y-o-y basis to R$1.14 billion from R$275 million in Q2 FY16.
Brazil - During Q2 FY17, Braskem's Brazil's Basic Petrochemicals segment's revenue decreased 3% to R$5.95 billion from R$6.56 billion in Q2 FY16. For the reported quarter, the segment's gross margin decreased 300 basis points to 17% of revenue from 20% of revenue in Q2 FY16. During Q2 FY17, the segment's EBITDA margin decreased 400 basis points to 17% of revenue from 21% of revenue in Q2 FY16.
During Q2 FY17, Braskem's Brazil's Polyolefins segment's revenue decreased 9% to R$4.86 billion from R$5.32 billion in Q2 FY16. For the reported quarter, the segment's gross margin was 21% of revenue, at par with the 21% of revenue in Q2 FY16. During Q2 FY17, the segment's EBITDA margin was 17% of revenue, at par with 17% of revenue in Q2 FY16.
During Q2 FY17, Braskem's Brazil's Vinyls segment's revenue decreased 12% to R$649 million from R$736 million in Q2 FY16. For the reported quarter, the segment's gross margin increased 1,100 basis points to 13% of revenue from 2% of revenue in Q2 FY16. During Q2 FY17, the segment's EBITDA margin increased 700 basis points to 13% of revenue from 6% of revenue in Q2 FY16.
US & Europe - During Q2 FY17, Braskem's US & Europe segment's revenue increased 10% to R$719 million from R$655 million in Q2 FY16. For the reported quarter, the segment's gross profit margin decreased 1,600 basis points to 20% of revenue from 36% of revenue in Q2 FY16. During Q2 FY17, the segment's EBITDA margin decreased 1,500 basis points to 17% of revenue from 32% of revenue in Q2 FY16.
Mexico - During Q2 FY17, Braskem's Mexico segment's revenue increased 349% to R$274 million from R$61 million in Q2 FY16. For the reported quarter, the segment's gross margin increased 900 basis points to 41% of revenue from 32% of revenue in Q2 FY16. During Q2 FY17, the segment's EBITDA margin increased 4,900 basis points to 52% of revenue, from 3% of revenue in Q2 FY16.
As on June 30, 2017, Braskem's cash and cash equivalents decreased 15% to R$5.71 billion from R$6.70 billion in Q4 FY16. During Q2 FY17, the Company's accounts receivable increased 51% to R$2.46 billion from R$1.63 billion in Q4 FY16.
During Q2 FY17, the Company's inventories increased 13% to R$5.91 billion from R$5.24 billion in Q4 FY16. During Q2 FY17, Braskem's cash provided by operating activities decreased 87% to R$206 million from R$1.64 billion in Q2 FY16.
During Q2 FY17, Braskem's EV to EBITDA ratio was 4.7x compared to 3.5x in Q2 FY16.
On Wednesday, September 06, 2017, the stock closed the trading session at $25.99, climbing 4.63% from its previous closing price of $24.84. A total volume of 660.05 thousand shares have exchanged hands, which was higher than the 3-month average volume of 366.59 thousand shares. Braskem's stock price skyrocketed 21.68% in the last three months, 34.66% in the past six months, and 73.15% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 22.54%. The stock is trading at a PE ratio of 25.81 and has a dividend yield of 5.73%. At Wednesday's closing price, the stock's net capitalization stands at $10.16 billion.
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