Becle Announces Third Quarter 2021 Unaudited Financial Results

Cuervo wire cut

Mexico City, Mexico, October 28th, 2021 /MIRANDANEWSWIRE/ — BECLE, S.A.B. de C.V. (“Cuervo”, “Becle” or the “Company”) (BMV: CUERVO) announced its financial results today for the quarter ended September 30th, 2021.

All figures in this release are derived from the Company’s interim consolidated financial statements as of September 30th, 2021, and for the nine-month period ended on the same date, which are prepared in accordance with International Financial Reporting Standards (IFRS).


Third quarter 2021 highlights

  • Volume decreased 2.0% to 6,484 million nine-liter cases;
  • Net sales decreased 7.9% to P$9,592 million pesos;
  • Gross profit decreased 11.8% to P$5,075 million pesos. Gross margin was 52.9%, a decrease of 2.4 percentage points year over year;
  • EBITDA decreased 35.0% to P$2,111 million pesos. EBITDA margin was 22.0%, a decrease of 9.2 percentage points year over year;
  • Consolidated net income decreased 36.2% to P$1,330 million pesos. Net margin was 13.8%, a decrease of 6.2 percentage points year over year and;
  • Earnings per share (“EPS”) was P$0.37 pesos.

All abovementioned increases and decreases are in comparison to the corresponding period from last year.


Management commentary

“In the face of what is still a very complex operating environment, particularly regarding industry wide supply chain constraints and challenges, we are encouraged to see very strong underlying demand, recovering consumer mobility and overall better product mix as we continue to focus on premiumization. Our Mexico and RoW results were indicative of a strong and sustained on-premise recovery which led to growth in both volume and revenues. Alternatively, our U.S. & Canada division faced challenging comps versus the same quarter of the previous year coupled with the aforementioned supply chain issues. We remain committed to reinforcing our operating capabilities and innovation strategy to ensure our business’ profitable, long-term growth.”


Third Quarter 2021 Unaudited Financial Results Conference Call and Webcast Details

Date: Friday, October 29th, 2021

Time: 9:00 a.m. Mexico City Time (10:00 a.m. E.T.)

Participants:  Juan Domingo Beckmann (CEO), Fernando Suárez (CFO)


Mexico Toll-free: 01 800 522 0034

U.S. Toll-free: 1-877-407-0792

Toll/International: 1-201-689-8263

Conference ID: 13724131

Webcast: or

*Those joining via webcast will be unable to participate in the live Q&A


Miranda Newswire – Full Press Release: Download PDF



Investor Relations:

Bryan Carlson

Sebastián Castillo

Investor Relations

Corporate Affairs:

Alfredo López

About Becle
Becle is a globally renowned company in the spirits industry and the world’s largest producer of tequila. Its extraordinary portfolio of over 30 spirits brands, some of them owned, some of them agency brands distributed only in Mexico, has been developed throughout the years to participate in key categories with high growth potential, serving the world’s most important alcoholic beverage markets and delivering on key consumer preferences and tendencies.
Becle’s portfolio strength is based on the profound legacy of its iconic internally developed brands such as Jose Cuervo®, combined with complementary acquisitions such as Three Olives®, Hangar 1®, Stranahan’s®, Bushmills®, Pendleton®, Boodles® and Proper No. Twelve®, as well as a relentless focus on innovation that over the years has created renowned brands such as 1800®, Maestro Dobel®, Centenario®, Kraken®, Jose Cuervo® Margaritas and B:oost®. Becle’s brands are sold and distributed in more than 85 countries.
EBITDA is a measure used in the Company’s financial analysis that is not recognized under IFRS but is calculated from amounts that derive from the Company’s financial statements. We calculate EBITDA as net income plus depreciation and amortization, income tax expense, and interest expense, less interest income, plus foreign exchange gain (loss).
EBITDA is not an IFRS measure of liquidity or performance, nor is EBITDA a recognized financial measure under IFRS. We believe that EBITDA can be useful to facilitate comparisons of operating performance between periods on a combined basis, but these metrics may be calculated differently by other issuers. EBITDA should not be construed as an alternative to (i) net income as an indicator of the Company’s operating performance or (ii) cash flow from operating activities as a measure of the Company’s liquidity.
This press release contains certain forward-looking statements which are based on Becle’s current expectations and observations. Actual results obtained may vary significantly from these estimates. The information related to future performance contained in this press release should be read jointly with the risks included in the “Risk Factors” section of the Annual Report filed with the Comisión Nacional Bancaria y de Valores (Mexican National Banking and Securities Commission). This information, as well as future statements made by Becle or by any of its legal representatives, either in writing or verbally, may vary significantly from the actual results obtained. These forward-looking statements speak only as of the date on which they are made, and no assurance can be made as to the actual results obtained. Becle undertakes no obligation and does not intend to update or review any such forward-looking statements, whether as a result of new information, future developments or other related events.

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