(Reuters) -Italian brake maker Brembo on Tuesday posted a 14.4% drop in its first-half core profit (EBITDA) to 300.9 million euros ($348.1 million), hit by headwinds in the European and North American
Brembo Reports 14% Decline in Profit, Shares Drop Following Results
(Reuters) -Italian brake maker Brembo on Tuesday posted a 14.4% drop in its first-half core profit (EBITDA) to 300.9 million euros ($348.1 million), hit by headwinds in the European and North American automotive sectors.
The premium brake maker's first half net profit fell to 97.9 million euros, down 37.4% from a year earlier, while its revenue totalled 1.88 billion euros, down 6.2% from a year before.
Milan-listed shares in the brake maker fell as much as 7.2% after the results were published.
"The geopolitical scenario remained strongly volatile, and the crisis of the automotive market persisted, particularly in Europe and North America", Executive Chairman Matteo Tiraboschi said in a statement.
Brembo's clients include premium car brands such as Porsche, Audi, BMW and Lamborghini.
European carmakers are struggling to navigate trade tensions and competition from Chinese auto makers which have taking a record market share and squeezed several established brands.
However, the Bergamo-based firm confirmed its full-year guidance aiming at revenue in line with 2024, and an EBITDA margin above 16%, assuming a more stable geopolitical context in the second half of the year.
($1 = 0.8645 euros)
(Reporting by Romolo Tosiani in Gdansk; Editing by Matt Scuffham)
