Italy's Brembo posts stable margins in tough market, shares rise (updated)

Brembo NV

30/07/2024 13:17

(Recasts, adds detail, shares)
       July 30 (Reuters) - Brembo  BRBI.MI  posted moderate
gains in first-half core earnings and revenue on Tuesday despite
a darker outlook for the automotive sector, boosting shares in
the Italian premium brake maker.
    Brembo's earnings before interest, taxes, depreciation and
amortisation (EBITDA) grew 2.1% to 351.4 million euros ($381
million) for the six months to June 30.
    Its revenue rose 2.8% to top 2 billion euros for the first
time and its EBITDA margin of 17.5% was broadly unchanged from
17.6% a year earlier.
    The results show the "group's ability to ensure
profitability despite the pressures of the harsh geopolitical
and market situation," Executive Chairman Matteo Tiraboschi said
in a statement.
    Brembo's shares were up 3.8% as of 1150 GMT, reversing
earlier losses.
    The Bergamo-based group, whose clients include automakers
such as Tesla, BMW, and Chinese EV giant BYD, reiterated its
full-year forecasts for moderate revenue growth and stable
margins.
    ($1 = 0.9233 euros)

 (Reporting by Enrico Sciacovelli and Giulio Piovaccari, editing
by Cristina Carlevaro)
 ((giulio.piovaccari@thomsonreuters.com))