Spanish glass container maker Vidrala sees higher 2024 core earnings (updated)

Vidrala SA

30/04/2024 10:12

(Adds details about the glass market)
       MADRID, April 30 (Reuters) - Spanish glass bottle and
jar maker Vidrala  VID.MC  forecast more than a 15% rise in 2024
core earnings on Tuesday, saying demand for glass was likely to
stabilise after a drop caused by the economic slowdown in
Europe.  
    Vidrala sees earnings before interest, taxes, depreciation
and amortization (EBITDA) at more than 450 million euros
($481.32 million) this year, up from 393.7 million euros in
2023.
    Recent months have been painful for the glass industry as
consumers limited orders amid a stagnant European economy,
though Vidrala saw signs of stabilisation in all its markets.
    Vidrala reported its first-quarter net profit fell 10% to
52.8 million euros ($56.52 million) as a result of weak demand. 
    Vidrala's French rival Verallia  VRLA.PA  said last week
that it saw a gradual recovery this year after a sharp drop in
demand in Europe.
    The Spanish company recently diversified its business with
the acquisition of Brazilian Vidroporto and the sale of its
Italian unit.
    ($1 = 0.9349 euros)

 (Reporting by Matteo Allievi, editing by Inti Landauro and
Tomasz Janowski)
 ((matteo.allievi@thomsonreuters.com))