SAO PAULO, May 11, 2011 /PRNewswire/ -- Ultrapar Participacoes S.A. (BM&FBOVESPA: UGPA4 / NYSE: UGP), a company engaged in fuel distribution (Ultragaz/Ipiranga), chemicals (Oxiteno), and storage for liquid bulk (Ultracargo), hereby reports its results for the first quarter of 2011.
We reported in this 1Q11 another quarter of significant and consistent earnings progression, presenting a 23% growth in EBITDA and a 58% growth in net earnings. In April, we announced a new corporate governance structure for Ultrapar aiming to deepen the alignment of interests and to endure the company's growth, a structure that includes conversion of each preferred share into one common share, the migration to the Novo Mercado listing segment and amendments to the bylaws that strengthen the company's corporate governance.
- ULTRAPAR'S NET SALES REACH R$ 11 BILLION IN 1Q11, 9% GROWTH OVER 1Q10
- ULTRAPAR'S EBITDA REACHES R$ 467 MILLION IN 1Q11, UP 23% OVER 1Q10
- ULTRAPAR'S NET EARNINGS REACH R$ 194 MILLION IN 1Q11, 58% HIGHER THAN THAT IN 1Q10.
"We entered 2011 presenting our nineteenth consecutive quarter of EBITDA growth, as a result of the benefits from the larger operating scale and our focus on value creation. With an eye on the future, we took in April an important step in our corporate governance evolution process. We announced the proposal for the migration to the Novo Mercado, under conditions that exceed the requirements of this listing segment of BM&FBOVESPA, establishing a differentiated corporate governance standard in Brazil. This new structure aims to position Ultrapar to repeat the performance of the last ten years, when our results grew at a pace exceeding 20% per year. "Pedro Wongtschowski – CEO
Results conference call Brazilian conference call May 13th, 2011 10 a.m. (US EST) Sao Paulo – SPTelephone for connection: +55 11 2188 0155Code: UltraparInternational conference call May 13th, 2011 11:30 a.m. (US EST) Participants US: + 1 877 317 6776 Participants Brazil: 0800 891 0015 Participants International: + 1 412 317 6776 Code: Ultrapar IR Contact E-mail: email@example.comTelephone: + 55 11 3177 7014Website: www.ultra.com.br Ultrapar Participacoes S.A.UGPA4 = R$ 27.03/share (03/31/11)UGP = US$ 16.95/ADR (03/31/11) SOURCE Ultrapar Participacoes S.A.