SANTIAGO, Chile, Nov. 22, 2017 /PRNewswire/ —
SQM reported net income for the nine months ended September 30, 2017 of US$317.2 million. Revenues for first nine months of 2017 were US$1,582.5 million, higher than revenues in the nine months of 2016. EBITDA margin for the nine months ended September 30, 2017 reached 41%, while EBITDA margins for the third quarter 2017 reached approximately 40%. Updated Information: SQM will hold a conference call to discuss these results on Thursday, November 23 at 10:00am ET (12:00pm Chile time).
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Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM) reported today earnings for the nine months ended September 30, 2017 of US$317.2 million (US$1.21 per ADR), an increase from US$197.4 million (US$0.75 per ADR) for the nine months ended September 30, 2016. Gross profit reached US$546.4 million (34.5% of revenues) for the nine months ended September 30, 2017, higher than US$406.2 million (29.3% of revenues) recorded for the nine months ended September 30, 2016. Revenues totaled US$1,582.5 million for the nine months ended September 30, 2017, representing an increase of 14.2% compared to US$1,385.5 million reported for the nine months ended September 30, 2016.
The Company also announced earnings for the third quarter of 2017, reporting net income of US$112.9 million (US$0.43 per ADR) compared to US$55.8 million (US$0.21 per ADR) for the third quarter of 2016. Gross profit for the third quarter of 2017 reached US$188.5 million, higher than the US$145.7 million recorded for the third quarter of 2016. Revenues totaled US$558.7 million, an increase of approximately 10.8% compared to the third quarter of 2016, when revenues amounted to US$504.0 million.
SQM’s Chief Executive Officer, Patricio de Solminihac, stated: “The results we published for the first nine months of 2017 are a result of our strong position in all of the markets in which we are present. In the specialty plant nutrient business line strong sales volumes were due to strong demand growth along with decreased supply from our competition. Our operations team has been able to increase production in an efficient way, allowing us to increase our volumes while maintaining the supply and demand equilibrium in the market. Our sales volumes increased almost 9% during the first nine months of this year compared to the same period last year. In the potassium