Braskem posts Recurring EBITDA of US$320 million in the quarter, 39% higher than 1Q24 and 128% higher than 2Q23

Rhea-AI Summary

Braskem S.A. (NYSE: BAK) reported significant financial improvements in Q2 2024. The company achieved a Recurring EBITDA of $320 million, which represents a 39% increase from Q1 2024 and a 128% increase from Q2 2023.

Braskem's cash position stands robust at $2.8 billion, ensuring debt maturity coverage over the next five years. Operating cash generation for the quarter was $69 million, a notable rise from both Q1 2024 and Q2 2023.

The Braskem Idesa sector recorded its highest sales volume since Q3 2017, with 233 kton, marking a 12% increase from Q1 2024 and a 9% rise from Q2 2023.

For more detailed insights, investors can access the complete earnings release on Braskem's IR website.

Positive

• Recurring EBITDA increased by 39% from Q1 2024 and 128% from Q2 2023.
• Strong cash position of $2.8 billion.
• Operating cash generation improved to $69 million.
• Braskem Idesa posted its best sales performance since Q3 2017, with sales volume up 12% from Q1 2024 and 9% from Q2 2023.

Negative

• None.

News Market Reaction

+4.74%

1 alert

+4.74% News Effect

On the day this news was published, BAK gained 4.74%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SÃO PAULO, Aug. 8, 2024 /PRNewswire/ -- BRASKEM S.A. (B3: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK) the largest resin producer in the Americas and the world's leading biopolymers producer, presents its 2Q24 Earnings Release.

2Q24 HIGHLIGHTS
CONSOLIDATED

• Recurring EBITDA of US$320 million, around R$1,667million, higher than 1Q24 (+39%) and 2Q23 (+128%).
• Cash position of US$2.8 billion, ensuring coverage of debt maturities over the next 5 years.
• Operating Cash Generation¹ of US$69 million, around R$357 million, higher than 1Q24 (+US$170 MM) and 2Q23 (+US$82 MM).
• Braskem Idesa Sales: Best Sales performance since 3Q17, with sales volume of 233 kton, higher than 1Q24 (+12%) and 2Q23 (+9%)

The full earnings release is available on the Company's IR website: www.braskem-ri.com.br/en

Braskem will host conference calls to discuss its Results Thursday, August 8 at 10:00 a.m. US ET.

Additional information may be obtained from the Investor Relations Department at +55 11 3576-9531 or braskem-ri@braskem.com.br.

1 Cash Flow Generation (=) Net Cash Generated from Operating Activities (-) Leniency Agreement (+) effects of reclassifications between the lines of Financial Investments (includes LFT's and LF's) and Cash and Cash Equivalents (+) Net Cash used in Investing Activities (+) Leasing.

 

View original content:https://www.prnewswire.com/news-releases/braskem-posts-recurring-ebitda-of-us320-million-in-the-quarter-39-higher-than-1q24-and-128-higher-than-2q23-302218048.html

SOURCE Braskem

FAQ

What was Braskem's Recurring EBITDA for Q2 2024?

Braskem's Recurring EBITDA for Q2 2024 was $320 million.

By how much did Braskem's Recurring EBITDA increase from Q1 2024?

Braskem's Recurring EBITDA increased by 39% from Q1 2024.

What is Braskem's current cash position as of Q2 2024?

As of Q2 2024, Braskem's cash position is $2.8 billion.

How much did Braskem's operating cash generation improve in Q2 2024?

Braskem's operating cash generation improved to $69 million in Q2 2024.

What was the sales volume for Braskem Idesa in Q2 2024?

The sales volume for Braskem Idesa in Q2 2024 was 233 kton.

When will Braskem host conference calls to discuss its Q2 2024 results?

Braskem will host conference calls on Thursday, August 8 at 10:00 a.m. US ET.