- Net revenues of $2.3 billion decreased 12%, with lower sales in Polymer Solutions, Building and Infrastructure and Precision Agriculture.
- EBITDA of $469 million decreased 23%, driven by lower volumes in certain segments and currency headwinds, partially offset by higher profitability in Connectivity Solutions and Fluorinated Solutions.
- Net majority income of $55 million decreased 78%, driven by lower EBITDA and higher financial costs.
- Free cash flow of $1 million decreased by $67 million, reflecting lower EBITDA and increases in capital expenditures, which more than offset effective working capital management.
According to the company’s website news release on April 26, 2023, Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) (“the Company” or “Orbia”) released unaudited results for the first quarter of 2023.
Orbia delivered solid results for the first quarter of 2023 with moderate improvement in several of its end markets over the course of the quarter. Revenue and profitability both declined from the record performance achieved in the prior year quarter due to macroeconomic challenges that arose in the second half of 2022 and continued into 2023. In the quarter, Orbia generated strong operating cash flow and maintained a solid balance sheet, demonstrating the resilience of its businesses and robust long-term fundamentals.
“We had an encouraging start to the year, showing sequential improvement in all our businesses despite continued market volatility. I would like to thank the Orbia team for their ongoing commitment and dedication to our many stakeholders,” said Sameer Bharadwaj, CEO of Orbia. Bharadwaj continued,
“We remain cautiously optimistic about the remainder of the year and remain confident in our long-term opportunities as we execute on our organic growth plans. As we continue to focus on solving the world’s most significant challenges with our unique product portfolio and innovation capabilities, we are well-positioned to capture profitable growth opportunities across the Company in both the short and long-term.
Q1 2023 Consolidated Financial Information (All metrics are compared to Q1 2022 unless otherwise noted)
