GGB FY 2023 Earnings Report — Gerdau S.A. Revenue & Financial Results | Market Cap Arena

FY 2023 Earnings

Reported December 30, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$13.9B	—	$16.6B	—	-16.4%
Op. Income	$1.8B	—	$3.5B	—	-48.0%
Gross Margin	16.4%	—	22.8%	—	-6.3pp
Net Margin	10.9%	—	13.9%	—	-3.0pp
EPS (Diluted)	$0.72	—	$1.25	—	-42.6%
Free Cash Flow	$1.2B	—	$1.3B	—	-13.0%

Revenue Flow

Item	Amount
REVENUE	$13.9B
Cost of Revenue	$11.6B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$144M
General & Administrative	$300M
SG&A Expenses	$445M
Other Expenses	$0
Operating Expenses	$447M
Cost & Expenses	$12.0B
OPERATING INCOME	$1.8B
Interest Income	$36M
Interest Expense	$34M
Other Income/Expenses	$65M
INCOME BEFORE TAX	$1.9B
Income Tax Expense	$365M
Net Income from Continuing Ops	$1.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.5B
D&A	$614M
EBIT	$2.1B
EBITDA	$2.7B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$13.9B
Cost of Revenue	$11.6B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$144M
General & Administrative	$300M
SG&A Expenses	$445M
Other Expenses	$0
Operating Expenses	$447M
Cost & Expenses	$12.0B
OPERATING INCOME	$1.8B
Interest Income	$36M
Interest Expense	$34M
Other Income/Expenses	$65M
INCOME BEFORE TAX	$1.9B
Income Tax Expense	$365M
Net Income from Continuing Ops	$1.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.5B
D&A	$614M
EBIT	$2.1B
EBITDA	$2.7B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$1.5B
Depreciation & Amortization	$614M
Stock-Based Compensation	$0
Deferred Income Tax	$176M
Other Non-Cash Items	-$80M
Change in Working Capital	$23M
OPERATING CASH FLOW	$2.2B
Capital Expenditure	-$1.1B
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$114M
NET CASH FROM INVESTING	-$1.2B
Net Debt Issuance	-$291M
Common Stock Repurchased	$0
Common Dividends Paid	-$541M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$831M
FREE CASH FLOW	$1.2B
Net Change in Cash	$107M

Balance Sheet

Item	Amount
Cash & Equivalents	$606M
Short-Term Investments	$471M
Net Receivables	$982M
Inventory	$3.1B
Other Current Assets	$353M
TOTAL CURRENT ASSETS	$5.9B
PP&E (Net)	$4.8B
Goodwill	$2.2B
Intangible Assets	$75M
Long-Term Investments	$1.2B
Tax Assets	$447M
Other Non-Current Assets	$460M
TOTAL NON-CURRENT ASSETS	$9.2B
TOTAL ASSETS	$15.1B
Account Payables	$1.2B
Short-Term Debt	$362M
Deferred Revenue	$101M
Other Current Liabilities	$39M
TOTAL CURRENT LIABILITIES	$2.3B
Long-Term Debt	$1.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$879M
TOTAL NON-CURRENT LIABILITIES	$2.9B
TOTAL LIABILITIES	$5.2B
Common Stock	$4.1B
Additional Paid-In Capital	$0
Retained Earnings	$5.2B
Treasury Stock	-$30M
Accum. Other Comp. Income	$1.2B
Other Equity	-$585M
TOTAL STOCKHOLDERS' EQUITY	$9.9B
Minority Interest	$36M
TOTAL EQUITY	$9.9B
TOTAL LIABILITIES & EQUITY	$15.1B
Total Debt	$2.5B
Net Debt	$1.8B