Ternium S.A. (TX: Quote) reported that net income attributable to equity holders in the second quarter 2012 was US$110.8 million, down from US$197.7 million in the second quarter 2011. Earnings per ADS in the second quarter 2012 were US$0.56, compared to US$1.01 in the second quarter 2011.
Net income in the second quarter 2012 was lower than net income in the second quarter 2011 mainly due to US$87.8 million lower operating income and a US$62.1 million lower net financial result, partially offset by a consequently lower income tax expense.
Net sales in the second quarter 2012 were US$2.2 billion, 8% lower than net sales in the second quarter 2011. Shipments of flat and long products were 2.2 million tons in the second quarter 2012, relatively stable compared to shipments in the second quarter 2011, with higher shipments in North America offsetting lower shipments in South & Central America.
Analysts polled by Thomson Reuters expected the company to report earnings of US$0.63 per share on revenues of US$2.18 billion for the quarter. Analysts' estimates typically exclude special items.
Ternium expects its shipment levels to remain steady in the third quarter 2012 compared to the second quarter 2012 as global economic uncertainty continues to adversely impact steel market growth prospects. The company anticipates that declining prices in the region during recent months will result in a lower average price in the third quarter 2012 compared to the second quarter 2012 and will consequently reduce third quarter operating income.
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by RTT Staff Writer
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