May 14, 2014 / 9:59 AM / 4 years ago

Brembo Q1 net profit up 74 pct on higher sales, product mix

MILAN, May 14 (Reuters) - Italian brakes maker Brembo on Wednesday reported a 74 percent rise in first-quarter net profit, boosted by higher sales and a good product mix, and forecast a good growth in revenues and margins for the remainder of the year.

The company, which supplies brakes to carmakers including Ferrari 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 8-10 percent this year, boosted by strong growth across its markets, and forecast a margin for earnings before interest, tax, amortisation 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. ($1 = 0.7296 Euros) (Reporting by Agnieszka Flak, editing by Valentina Za)

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