Brembo SpA posted net income of 20.6 million euros on sales of 371.9 million euros for the first quarter ended March 31, 2013. That compares to income of 21.1 million euros on sales of 349.9 million euros for the same period last year.
Based on the exchange rate on March 31, 2013, Brembo recorded net income of $26.4 million on sales of $476.8 million for 1Q 2013. Its income-to-sales ratio was 5.5%.
The company's operating income was up 9.2%, from 23.9 million euros to 26.1 million euros.
“In the first quarter of 2013, Brembo continued to report constant revenue and margin growth, despite the challenging economic scenario during the period," says Chairman Alberto Bombassei. "This result was enabled by the extensive internalization achieved by the group over time, as also witnessed by the additional investments planned for the current year.
"Thanks to its consolidated global presence, the company is in a position to offset the declines in those markets, such as Italy and southern Europe generally, where demand for cars and motorbikes is continuing to show a significant decline.”
Sales in Germany, the Brembo Group’s main market, North America and China rose significantly quarter to quarter.
Germany: up 14.5%.
North America: up 17.8%.
China: up 50.2%.
Brembo's board of directors declared a gross dividend of .40 euros per share outstanding at the May 13, 2013, ex-coupon date. The dividend will be paid as of May 16, 2013.
