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Ternium Rises as Company Posts Higher Earnings, Shipments

Ternium SA, Latin America’s second-largest steelmaker, rose in New York after the company posted a 25 percent rise in earnings before interest, tax, depreciation and amortization and said both shipments and sales rose.

Ternium gained 3.5 percent to $24.72 today, after rising as much as 3.9 percent earlier. The stock declined 44 percent this year through yesterday.

EBITDA increased to $453 million, compared with $362.3 million a year earlier, Luxembourg-based Ternium said today in a statement. The average estimate of three analysts surveyed by Bloomberg was for earnings on that basis to drop to $336.7 million. Shipments of flat and long steel rose 16 percent, while revenue per ton gained about 14 percent to $1,045.

“Operating performance was strong,” Alexander Hacking, an analyst at Citigroup Inc. in New York, wrote in a report today. “Ternium continues to outperform its global steel peers.”

Net income attributable to shareholders slumped to $6.4 million, or 3 cents per American depositary share, from $151.7 million, or 76 cents, Ternium, based in Luxembourg, said. Net sales rose to $2.47 billion, beating the average estimate of $2.25 billion of five analysts surveyed by Bloomberg.

The drop in net income was driven by a $280.3 million non-cash loss primarily because of the Mexican peso’s depreciation on Ternium’s Mexican subsidiary’s U.S. dollar-denominated debt, the steelmaker said. Ternium’s Mexican unit has an $800 million outstanding loan, according to Bloomberg data.

Ternium, which doesn’t break out revenue from Mexico or Canada, had 57 percent of its 2010 revenue from North America.

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