Latest news with #GrupoMexico
Bloomberg
a day ago
- Business
- Bloomberg
Grupo Mexico Will Sell Highway Business for $406 Million
Grupo Mexico, the copper mining conglomerate controlled by Mexican billionaire German Larrea, will sell its highway business for 7.7 billion pesos ($406 million) to local investment trusts FIBRAeMX and FEXI in the latest move to restructure the company. Proceeds from the sale of around 80% of Concesionaria de Infraestructura del Bajío, known as CIBSA, and some 99% of shares of Operadora de Infraestructura del Bajío, or OIBSA, will go toward investment projects in Mexico and be spread across the company's other businesses, Grupo Mexico announced in a statement on Friday.
Yahoo
06-05-2025
- Business
- Yahoo
FreightCar America Q1 net better than half of revenue
FreightCar America said net income totaled $50.4 million in the first quarter while revenue of $96.3 million fell 40.2% from the year-ago period. The Chicago-based railcar builder (NASDAQ: RAIL) delivered 710 units in the quarter ended March 31, down from 1,223 units in the previous-year quarter. Adjusted net income was $1.6 million, or 5 cents per share, primarily reflecting a $52.9 million noncash adjustment due to a change in warrant liability. Adjusted earnings before interest, taxes, depreciation and amortization was $7.3 million, from $6.1 million in the first quarter of 2024. Gross margin was 14.9% with gross profit of $14.4 million, compared to gross margin of 7.1% with gross profit of $11.4 million. The company said it ended the quarter with a backlog of 3,337 units valued at $318 million. 'In line with our expectations for the first quarter, we achieved robust margins, once again outperforming our industry peers, reflecting our commitment to differentiated product offerings and exceptional commercial discipline,' said Nick Randall, president and chief executive of FreightCar America, in a release. 'Order activity remained strong, with 1,250 railcars ordered during the quarter valued at approximately $141 million, underscoring our ongoing momentum and expanding market share.' While noting that the industry has experienced delays in freight car orders, Randall said 'our healthy backlog and growing inquiry pipeline position us for a meaningful ramp up in deliveries for the remainder of the year.' The company reaffirmed its full-year guidance of delivery of 4,500-4,900 railcars, up 7.7%, revenue of $530 million-$595 million, up 0.6%, and adjusted EBITDA of $43 million-$49 million, an increase of 7%. Subscribe to FreightWaves' Rail e-newsletter and get the latest insights on rail freight right in your inbox. Find more articles by Stuart Chirls here. Related coverage: Grupo Mexico rail operations earnings plunge as volume drops BNSF profits rise as volume and rates increase Class I railroads keep optimistic outlooks despite trade uncertainty CN's first-quarter earnings grow despite impact of severe weather The post FreightCar America Q1 net better than half of revenue appeared first on FreightWaves.
Yahoo
10-04-2025
- Business
- Yahoo
Mexico seeks to solve problems that led to mine strikes, president says
MEXICO CITY (Reuters) -Mexican President Claudia Sheinbaum said on Thursday that her team was seeking to resolve issues which had led to strikes at three mines, including a large copper mine in the Cananea region in the northern state of Sonora. These strikes were long-running, Sheinbaum said in her regular morning press conference, adding that the working conditions of miners needed to be improved and the environment protected. The Buenavista del Cobre mine in Cananea is operated by Grupo Mexico and has been closed for some time. Sheinbaum did not name the other two mines.
Yahoo
14-02-2025
- Business
- Yahoo
Grupo Mexico reports 12.6% revenue growth in 2024, led by mining division
Mexican miner Grupo Mexico has reported revenue in 2024 of $16.17bn (332.27bn pesos), a 12.6% increase compared with the previous year, led by the mining division. The mining division achieved record sales, bolstered by increased copper production and the start of operations at the Buenavista Zinc project in Sonora, increasing the company's zinc sales by more than 45%. The mining division posted revenue of $12.4bn, a 14.1% increase over the previous year and a 17.4% increase from the fourth quarter of 2024 (Q4 2023), attributed to increased sales volumes in copper, zinc and most by-products and higher prices, except for molybdenum. The infrastructure division contributed $784m in sales, representing growth of 10.3% from 2023 and 13.8% from Q4 2023. The transportation division generated $3.33bn in revenue, up 4.8% from 2023 but down 3.5% from Q4 2023. Grupo Mexico's copper production reached 1.086 million tonnes (mt) in 2024, aligning with the company's forecast, mainly due to a 10.7% production rise in southern Peru and a 4.3% rise at Minera Mexico. Production recovered by 5.5% from 2023. Molybdenum production reached 6,994 tonnes (t), reflecting a 2.6% decline compared with the same quarter last year. This decrease was primarily attributed to reduced production at Caridad and Toquepala, although these losses were partially balanced by gains at Cuajone and Buenavista. Zinc production for Q4 2024 amounted to 43,148t, an increase of 154.9% from Q4 2023, driven by the commencement of operations at Buenavista Zinc and enhanced output at Santa Barbara. Silver production in Q4 2024 totalled 2.76 million ounces, representing a 25.2% decrease from Q4 2023, while gold production stood at 8,003 ounces, 4.2% higher than the same period in 2023. The mining division's capital investment programme for this decade exceeds $15bn, focusing on key projects in Mexico such as El Pilar in Sonora and El Arco in Baja California. In Peru, the company is advancing projects including Tía María in Arequipa, Los Chancas in Apurímac and Michiquillay in Cajamarca. "Grupo Mexico reports 12.6% revenue growth in 2024, led by mining division" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
