Gruma (GRUMA) Q4 2023 earnings summary

Executive summary

• Global corn flour and tortilla footprint: 74 plants, ~25,700 employees, and 2023 LTM volume of 4.39 million metric tons.

• 2023 LTM net sales reached $6.493 billion; net sales and EBITDA posted 2019–23 CAGRs of 14% and 12%, respectively.

Financial highlights

• 2023 LTM net sales were $6.493 billion and EBITDA was $982 million, based on the presentation’s global trend chart.

• 2023 LTM volume was 4.390 million metric tons, with a 2019–23 CAGR of 2%.

• 2022 net sales were $5.597 billion and EBITDA was $809 million.

Outlook and guidance

• Gruma USA expects further margin improvement from higher-margin SKUs, healthier and value-added products, new-plant efficiencies, and capacity expansions.

• Europe expects pricing actions to reverse temporary cost pressure; profitability initiatives include branded retail mix, production efficiency, packaging automation, and potential tortilla-sector M&A.

• GIMSA’s growth opportunity includes shifting tortilla production from traditional methods to nixtamalized corn flour.