Ultrapar Participacoes S.A. (UGP) reported its third quarter results yesterday after market close. The company reported earnings of R$1.00 per share for the third quarter of 2009, which was 9% up from last year’s earnings of R$0.91 per share.

Quarterly revenue increased 25% to R$9.7 million from R$7.7 million in the third quarter of 2008. The company’s EBITDA was up 39% year-over-year at R$371 million. The double digit growth in sales and EBITDA were primarily a result of the consolidation of Texaco revenues from second quarter 2009.

Also, the company said that it witnessed a gradual recovery in both the retail and the manufacturing sectors, particularly in segments linked to the domestic demand. Moreover, Ultrapar benefited from the continued IPI tax breaks on vehicles sales and increased credit availability in the region.

Ultragaz’s net sales in the quarter were R$929 million in 3Q09, up 1.3% year-over-year, driven by the commercial initiatives and efficiency programs implemented by the company.

Ipiranga posted net sales of R$8,184 million, which was 31% higher than last year due to the 51% increase in sales volume, partially offset by the decrease in diesel ex-refinery cost in June 2009.

Ultracargo posted a growth of 22% with net sales of R$88 million during the quarter as it benefited from higher average storage, contractual tariff adjustments and União Terminais acquisition from fourth quarter 2008.

However, Oxiteno’s net sales of R$483 million were down 2% compared to year-ago quarter due to decline in average dollar prices and lower international glycol prices, partially offset by higher volumes and weaker Real.

Headquartered in Sao Paulo, Ultrapar is engaged in fuel distribution (Ultragaz/Ipiranga), chemicals (Oxiteno) and logistics for liquid bulk (Ultracargo).
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