CURNO, ITALY —Brembo has posted a more than 6 percent increase in sales and net profit for the nine month period ending Sept. 30, compared to the same period last year.
All segments of activity contributed to sales growth. Particularly, the commercial vehicle segment continued robust growth, increasing 13.6 percent. The company’s motorcycle segment, thanks to a good performance in the quarter, made an upturn and totally recovered the drop of the first six months.
Applications for passenger cars increased by 5.6 percent over the nine months, reflecting a good performance in the OE segment, which, the company said, more than compensates for the poor performance of the aftermarket. The racing sector continued with its positive trend, up 6.4 percent.
Over the nine month period EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was down 2 percent due to a number of factors including; the direct and indirect costs connected with the industrial plan; the strong labor unrest occurred in the first half of the year; the increase in raw material cost. The loss was only partially offset by some capital gains generated by the sale of two industrial buildings in Barcelona, no longer used for production.
For the third quarter compared to the same period last year, revenues are up 6.3 percent. Personnel charges increase by 10.5 percent with an incidence on revenues that increases from 19.5 percent to 20.2 percent over the same quarter last year, due to the wage adjustments for Italy-based employees connected with the renewal of the internal labor agreement.
Brembo stated that although macroeconomic and sector difficulties are continuing, as well as the sharp increase in raw material prices and other competitive pressures, revenue growth and margin evolution should not differ from what registered until now. According to Brembo, the start-up of the new foundry in Poland, that should be early next year, and other production initiatives should contribute to a progressive improvement of results and margins.
In other news, Brembo announced that its board of directors has named Giovanni Cavallini its director. The outgoing director, Alberto Tazartes, is stepping down for personal reasons. Currently, Cavallini is president of Interpump Group.
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