Brembo posts strong first-quarter on robust recovery across markets

This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEH490F5_L.jpg

The company, which makes brakes for automakers including Ferrari (NYSE:RACE) and Tesla (NASDAQ:TSLA) as well as several Formula One teams, said earnings before interests, taxes, depreciation and amortization (EBITDA) rose to 135.6 million euros ($164.89 million) in the January-March period, with profit margins increasing to 20.1%, up from 17.7% a year ago.

Revenues rose 17.2% to 675.1 million euros, reaching record levels for the first quarter and up 1.2% on the same period in 2019, before the outbreak of the coronavirus virus hit the automotive industry.

Brembo said its “order levels confirm that the year has begun on a positive note”, adding the impact of the chip shortage on its clients’ supply chain was difficult to estimate at present.

Shares rose more than 3% after the results and were up 1.4% by 1007 GMT, compared with a 0.3% rise in Milan’s All-Share index.

($1 = 0.8224 euros)