CEMIG Posts Solid Q1 Earnings - Analyst Blog
19 Mayo 2014 - 8:00AM
Zacks
Companhia Energetica de
Minas Gerais (CIG), also known as CEMIG, posted a net
income of R$1,250.1 million (US$529.7 million), up 52.1% year over
year, in first-quarter 2014.
Revenues
CEMIG generated net revenues of R$4,760.8 million (US$2,017.3
million), reflecting an increase of 29.5% year over year. Sales to
end consumers accounted for 71% of the net revenues generated.
Electricity sold to CEMIG’s final consumers increased 10.7% year
over year to 11,963 MWh.
Expenses/Income
CEMIG’s operating expenses were R$2,949.0 million (US$1,249.6
million), up 20.0% year over year. The company recorded an increase
in costs related to electricity brought for resale, use of the
national grid, post-retirement liabilities, outsourced services,
royalties for use of water resources and others expenses.
Partially offsetting these were decreased costs associated with
personnel and managers, materials, depreciation and amortization,
operational provisions and infrastructural construction costs.
Earnings before interest, taxes, depreciation and amortization
(EBITDA), adjusted for non-recurring items, grew 32.6% year over
year to R$2,108.5 million (US$893.4 million) while EBITDA margin
was 44.3% versus 43.3% in the year-ago quarter.
Balance Sheet/Cash Flow
Exiting first-quarter 2014, CEMIG had cash and cash equivalents of
R$1,110 million (US$491.2 million) versus R$2,202 million (US$937.0
million) recorded at the previous quarter-end. Loans and financings
were R$2,154 million (US$953.1 million), down 9.5%
sequentially.
Cash flow from operating activities went up 65% year over year to
R$618 million (US$261.9 million). Capital spent on fixed and
intangible assets purchased was R$76 million (US$32.2 million),
down 65.3% year over year.
CEMIG is one of the largest integrated electric utilities in Brazil
with approximately 97% of the company’s installed generation
capacity being hydroelectric power. The company has a $9.2 billion
market capitalization and currently carries a Zacks Rank #3
(Hold).
Some better-ranked stocks in the electric utility industry include
Brookfield Infrastructure Partners L.P. (BIP),
Calpine Corp. (CPN) and CPFL Energia
S.A. (CPL). All of these companies sport a Zacks Rank #1
(Strong Buy).
Want the latest recommendations from Zacks Investment Research?
Today, you can download 7 Best Stocks for the Next 30 Days. Click
to get this free report
BROOKFIELD INFR (BIP): Free Stock Analysis Report
CEMIG SA -ADR (CIG): Free Stock Analysis Report
CPFL ENERGI-ADR (CPL): Free Stock Analysis Report
CALPINE CORP (CPN): Free Stock Analysis Report
To read this article on Zacks.com click here.
Companhia Energetica de ... (NYSE:CIG)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Companhia Energetica de ... (NYSE:CIG)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024