Indústrias Romi (ROMI3) reported a profit of R$44.49 million in Q3, a 31.5% YoY drop

Indústrias Romi (ROMI3) reported its results and recorded a 31.5% drop in net profit in the third quarter of 2023 (3Q23) compared to the same period last year, falling from 64.9 million reais to 44.49 million reais.

In adjusted terms, the profit was R$ 22.348 million, representing a year-on-year drop of 59.9%.

The company kicked off earnings season Tuesday night.

Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) was R$32.89 million, representing a 60.2% annual drop and a 20.2% quarterly drop. This led to a drop in adjusted EBITDA margin by 1.3 pp. (percentage point) to 12.1%.

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Net income was R$272.795 million in the third quarter of this year, down 31.6% compared to the same period in 2022.

Gross margin, in turn, was 29.6% in 3Q23, down slightly by 0.1pp from 2Q23. This was facilitated by the growth of the domestic market and the equipment rental business.

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The B+W Machinery Unit’s order backlog reached R$259.7 million, an increase of 47.6% compared to 3Q12. Cash profit in 3Q23 was 20.5 million reais.

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