Brembo archive the first quarter with revenues consolidated net income at 675,1 million euros, up by 17,2% (+20,9% at constant exchange rates) on an annual basis and by 1,2% compared to the period October-December 2020. This was communicated by the group of brakes in a note, adding that the useful net amounted instead to 61,4 million, more than double the 29,8 million recorded in the first quarter of last year.
On the profitability front, the gross operating margin for the quarter amounted to 135,6 million (20,1% of revenues), compared to 102,0 million in the first quarter of 2020 (17,7% of revenues). The EBIT amounted to 83,7 million (12,4% of revenues) and compares with 50,3 million (8,7% of revenues) in the first quarter of 2020.
In the quarter in question all the segments in which the group operates had a positive trend: the automotive sector grew by 13,1%, applications for motorcycles by 40,5% (+33,4% on a like-for-like basis of consolidation), those for commercial vehicles by 31,6% and competitions by 3,3% compared to the same quarter of 2020.
The result before taxes amounted to 81,1 million (12% of revenues) and compares with 42,5 million (7,4% of revenues) in the first quarter of 2020.
“We have entered Brembo's sixtieth year – he comments Alberto Bombassei, president of the group – with a particularly encouraging result. In fact, the data for the first quarter of 2021 show a robust restart and confirm the trend that characterized the last three months of 2020. In Brembo's history we had never recorded such high revenues in a first quarter, which grew not only compared to the same period of the 2020, but also and above all compared to 2019. The results were driven by the positive trend of all the segments and geographies in which we operate".
Furthermore, “although the market scenario remains permeated by a state of uncertainty – continues Bombassei – these results allow us to look to the coming months with confidence. We remain focused on the innovation of our solutions, thanks to an increasingly integrated and sustainability-oriented product portfolio, which has been enriched with the acquisition of SBS Friction in Denmark and will be further enhanced with the recently announced acquisition of J.Juan in Spain” .
At the beginning of the afternoon, Brembo's stock gained 1%, to 10,6 euros.
