EBITDA rose 5.1 in Q1 to 177 mln euros, margin at 17.6
Revenue up 4.4 in Q1 to 1.005 bln euros
Sees moderate revenue growth in 2024
Sees FY EBITDA margin in line with 2023

May 9 Reuters Italian premium brake maker Brembo posted on Thursday a 5 yearly increase in its core profit in the firstquarter, as revenues in the period topped the one billion euro quarterly threshold for the first time.

The group however took a more cautious stance on its fullyear turnover in an increasingly complex market context, sending its shares down.

Brembo on Thursday guided for a moderate revenue increase in 2024, versus a previous forecast for midsingle digit growth.

Executive Chairman Matteo Tiraboschi told Reuters the company found it reasonable to take a more prudent approach, despite having full order books.

We39;ve seen that our customers posted results showing declines, even marked ones, the market is contracting, he said, adding macroeconomic weakness and tensions on global trade were also reasons to be cautious.

By 1505 GMT Brembo shares were down 1.6.

Brembo39;s clients include automakers such as Tesla, BMW, Mercedes, Maserati, Alfa Romeo as well as Chinese EV giant BYD.

In the JanuaryMarch period, Brembo39;s earnings before interest, tax, depreciation and amortisation EBITDA amounted to 177 million euros 190 million.

The EBITDA margin grew to 17.6 form 17.5 a year earlier.

The company on Thursday also guided for a fullyear EBITDA margin in line with that of 2023,…