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Strategies & Market Trends : Value Investing
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From: fp_scientist11/6/2006 11:32:02 PM
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TX: how many companies generate hundreds of millions of dollars of profit per quarter and trade at a P/E of ~5?

If this isn't "value", then I don't know what value is.

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Luxembourg, November 6, 2006 Ternium S.A. (NYSE: TX) announced today its results for the third quarter ended September 30, 2006.
The financial and operational information contained in this press release is based on consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) and presented in U.S. dollars.

Summary of Third Quarter 2006 Results
· Net sales of US$1.7 billion.
· Shipments of flat and long products totaling 2.2 million tons.
· Operating income of US$508.2 million, or 29% of net sales.
· EBITDA* of US$614.9 million, or 35% of net sales.
· Equity holders net income of US$257.4 million.
· Earnings per American Depositary Share (ADS) of US$1.28 (each ADS represents 10 shares of
Ternium’s common stock).

Market Background and Outlook
Ternium's main steel markets in the South & Central America Region continued to perform well during
the third quarter 2006, while shipments in the North America Region were lower compared to the
second quarter, affected by slower economic growth, increased imports and a de-stocking process in the
distribution sectors in the U.S. and Mexico. Steel prices increased during the third quarter in all of
Ternium’s markets.
In the immediate future, Ternium expects demand and prices for its products to remain stable in the
South & Central America Region and to soften in the North America Region due to the de-stocking
process and the potential for slower economic growth in the U.S. Ternium does not foresee any sizeable
impact related to fluctuations in raw material and energy costs.
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