SIT, an Italian company that develops, engineers, produces and distributes solutions and components for industrial applications, listed on the Stock Exchange on the MTA segment, has published its results for the first quarter of 2019. The revenues recorded amounted to 80,6 million, compared to 87,2 million in the same period of the previous year, and therefore recorded a change of -7,6% (-8,8% at constant exchange rates). Sales of the Heating Division amounted to 62,1 million compared to 70,4 million, - 11,7% on the previous year, a performance mainly determined by an exceptionally high first quarter of 2018 due to the incentive policies and new regulations implemented in China and Turkey.
In general the European market disappointed, due to the difficulties in Turkey but also in Ukraine and the Czech Republic (but the UK did well), while America is experiencing significant growth (+2,2 million, +19,4%, +1,3 million, +10,9% at constant exchange rates). The sales of the Smart Gas Metering Division also performed well, amounting to 17,7 million compared to 16,1 million, +9,6% compared to the previous year, thanks to the growth in share and the trend of the meter rollout plan residential buildings on the Italian market. As at 31 March, the order book for 2019 amounted to 65,2 million.
EBITDA for the first quarter of 2019 amounted to 12,5 million compared to 13,8 million the previous year. The improvement in operating performance and production costs (+€1,2 million) partially absorbed the impact deriving from the reduction in volumes (-€1,7 million) and price (-€0,9 million) within the Division Smart Gas Metering. EBIT amounted to 7,1 million compared to 9,4 million in the year due to the additional depreciation deriving from the extraordinary investment plan carried out in 2018.
“The company – he commented the President and Chief Executive Officer of SIT Federico De Stefani – , which in recent years has achieved important results both on an industrial and financial level, recorded solid growth on the American market in the first quarter of 2019 as regards the Heating Division, while it suffered a decline in the regulated Chinese and Turkish markets. In the same period, the development of the Smart Gas Metering Division continued, which increased its market share in Italy and is working to seize the best opportunities on international markets. For 2019, based on the order book and visibility on the various markets where it currently operates, the Company expects a turnover of no less than 2018, thanks also to the growth and expected positive contribution of the Smart Gas Metering sector".
