Brembo’s Q1 core profit rises 11.2% despite tense macro scenario
2022.05.11 19:17
Logo of Brembo is pictured at the group’s headquarters in Stezzano, Italy, April 18, 2019. REUTERS/Giulio Piovaccari
(Corrects to remove reference to operations in Russia)
(Reuters) – Shares in Brembo rose 3.8% on Wednesday after the Italian brake maker posted a 11.2% rise in first-quarter core earnings despite geopolitical tensions, inflation and China’s lockdowns due to the resurgence of the coronavirus pandemic.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first three months of the year rose to 150.8 million euros ($159.03 million) from 135.6 million euros in the same period in 2021.
Core profit margin for the group – which makes brakes for several Formula One and MotoGP teams as well as premium carmakers such as Ferrari (NYSE:RACE) – was down compared to the first quarter last year, but still strong at 17.6%.
The company, with operations in 15 countries including China, said it was hard to make any forecasts given the current geopolitical scenario and the complex situation regarding supplies.
($1 = 0.9482 euros)
