June 2, 2023

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Brembo posts solid Q1 on strong restoration throughout markets

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The emblem of Brembo is seen at its headquarters in Bergamo, Italy Oct 7, 2019. REUTERS/Flavio Lo Scalzo

Italian top quality brakes maker Brembo (BRBI.MI) on Monday posted a 33% increase in initial-quarter main earnings, served by a robust recovery across its companies and markets where it operates, pushing shares up more than 3%.

The enterprise, which helps make brakes for automakers which includes Ferrari (RACE.MI) and Tesla (TSLA.O) as very well as several Components One particular teams, said earnings just before passions, taxes, depreciation and amortization (EBITDA) rose to 135.6 million euros ($164.89 million) in the January-March period of time, with gain margins escalating to 20.1%, up from 17.7% a yr back.

Revenues rose 17.2% to 675.1 million euros, reaching history ranges for the very first quarter and up 1.2% on the very same interval in 2019, prior to the outbreak of the coronavirus virus hit the automotive marketplace.

Brembo stated its “purchase ranges confirm that the year has begun on a constructive note”, introducing the impression of the chip shortage on its clients’ provide chain was complicated to estimate at present.

Shares rose additional than 3% soon after the final results and had been up 1.4% by 1007 GMT, in contrast with a .3% increase in Milan’s All-Share index (.FTITLMS).

($1 = .8224 euros)

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