May 11, 2020 / 1:24 PM / 14 days ago

Brembo sees 'significant' coronavirus impact for rest of year

MILAN, May 11 (Reuters) - Italian premium brakes maker Brembo said on Monday the crisis triggered by the coronavirus pandemic would continue to have a big impact on its performance this year, after its core profit fell by 24% in the first quarter.

The group said it was difficult to put figures on its expectations, given uncertainties over the future course of the pandemic, the response of governments and the strength of economic recovery.

“However, the effects are expected to remain significant also in the coming quarters of 2020,” it said.

Brembo makes brakes for brands including Ferrari, Tesla, BMW, Mercedes and Maserati, as well as several Formula One teams.

The company, which hasn’t given any forecasts for its 2020 results, said its earnings before interest, tax, depreciation and amortisation (EBITDA) dropped to 102 million euros ($110 million) in the first quarter from 134.2 million euros a year earlier.

Revenues fell 13.7% year on year to 575.9 million euros.

Brembo has started to gradually resume operations at its Italian plants since the end of April, after they were shut on March 16, as Rome eased restrictions put in place to limit the spread of coronavirus.

At 1250 GMT, its shares were down 1.4%, close to the day’s low of 7.36 euros.

$1 = 0.9240 euros Reporting by Giulio Piovaccari, editing by Gianluca Semeraro and Mark Potter

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below