Photo: ©JHVEPHOTO — STOCK.ADOBE.COM MEXICO CITY — Capital expenditures by Grupo Bimbo SAB de CV could reach $2 billion in 2023, up as much as 67% from 2022 and double spending of $1 billion in 2021, company executives said. Guidance for capital spending this year and the reasons for the increase were among numerous weighty topics discussed in a Feb. 22 earnings call. Boosted by a massive reversal of the company’s multi-employer pension plans (MEPPS) liability provision, Grupo Bimbo net income and operating income of the company’s North American business were sharply higher in 2022. The liability reversal was recorded in the fourth quarter of the year and gave Bimbo a non-cash benefit estimated at 14.4 billion pesos ($734 million). Daniel Servitje called 2022 “a remarkable year with historic financial performance.” Record sales and EBITDA equated to 10% and 12% 10-year compounded annual growth rates, respectively, he said. He said the company achieved volume gains in all global geographic regions. “We saw market share gains in most categories, made record Capex investments of $1.2 billion, fine-tuned our strategic focus on grain-based foods after selling Ricolino , invested in and grew our brands successfully, turned around Argentina and Brazil and […]
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