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Gerdau (GGBR4) earns R $ 3.02 billion in the third quarter, down 33.7% year-on-year; the company agreed to R $ 3.6 billion in payments with JCP

Gerdau (GGBR4) reported adjusted web earnings of R$ 3.022 billion in the third quarter of 2022 (3Q22), which is 33.7% decrease than that reported for the identical interval in 2021, it stated metal producer on Wednesday (9). The consequence was in line with Refinitiv’s forecasts, which anticipated a revenue of R$2.97 billion.

The company explains that the consequence was affected by “smaller gross sales volumes, extra stress on costs and worth variations over time”.

Adjusted earnings earlier than curiosity, taxes, depreciation and amortization (Ebitda) reached BRL 5.369 billion in 3Q22, down 23.6% from 3Q21, however above the consensus of Refinitv, reported adjusted Ebitda of BRL 4.98 billion.

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Ebitda margin reached 25.4% between July and September, down 7.6 proportion factors (pp) in contrast to the margin recorded in 3Q21.

Revenue reached BRL 4.738 billion in the third quarter of 2022, a 26.2% lower in contrast to the identical interval in 2021.

It was 22.4% in 3Q22, down 7.7 pp in contrast to the margin in 3Q21.

More from Gerdau’s steadiness sheet

Earnings have been BRL 21.149 billion in the third quarter of this yr, a discount of 0.8% in contrast to the identical interval in 2021 and decrease than the expectation of the Refinitiv settlement, the BRL 21.02 billion.

According to the company, the product proven is often displaying the sturdy demand in the lengthy and flat segments in the Brazilian market.

Steel gross sales quantity reached 2.93 million tons in 3Q22, a lower of 9.9% in contrast to the identical interval in 2021.

The monetary consequence was adverse R $ 530 million in 3Q22, 46.8% larger than the earlier quarter, primarily defined by the worth distinction in the interval, the trade charge from R $ 5.24 in June to R $ 5, 41 in September. In year-on-year comparisons, the strongest variations recorded are primarily the non-recurring results of updating tax revenues over time and the distinction in the trade charge.

General and administrative bills reached R$555 million in 3Q22, a 5.2% enhance in contrast to the identical interval in 2021.

Borrowing and investing

As of September 30, 2022, the company’s web debt was BRL 4.226 billion, a 50.9% lower in contrast to the identical interval in 2021.

The revenue margin, measured by web debt/adjusted Ebitda, was 0.16 occasions in September/22, down 0.47 pp from the identical interval in 2021.

Gerdau invested BRL 1.056 billion between July and September 2022, a 30.3% enhance over the quantity invested in the identical interval in 2021.

Of the whole income launched in the quarter, 58% went to operations in Brazil, 23% to North America, 15% to Specialty Steel and 4% to South America.

Divisions with JCP

The Board of Directors of Gerdau authorised the distribution of dividends in the quantity of R$1.73 per share, and the fee of fairness curiosity of R$0.42 per share. The whole income will exceed the determine of R$3.6 billion.

The fee might be made on December 14, 2022, based mostly on the shares on November 21, 2022. Therefore, from the buying and selling session on the twenty second, GGBR4 shares might be offered with out needs to be paid.

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