Brembo Q1 net profit up 74% on higher sales, good product mix
MILAN (Reuters) -- Italian brake maker Brembo reported a 74 percent rise in first-quarter net profit, boosted by higher sales and a good product mix.
The company, which supplies brakes to carmakers including Ferrari, Aston Martin and Porsche, said net profit for the first three months rose to 35.9 million euros ($49.2 million) from 20.6 million the previous year, while revenue was up 20 percent at 446.9 million euros.
Brembo said in March it expects sales to increase by 8 percent to 10 percent this year, boosted by strong growth across its markets. The company also forecast a margin for earnings before interest, tax, amortization and depreciation (EBITDA) of 14 percent for 2014, up from 13.5 percent last year.
The group's EBITDA margin stood at 15.5 percent in the first quarter, but the company said the January to March period had benefited from a particularly positive product mix.Contact Automotive News