(Alliance News) - Comer Industries Spa reported Wednesday that it closed the first quarter with revenues down 21 percent year-on-year to EUR272.4 million from EUR345.9 million.

The industrial sector recorded a positive performance due to demand benefiting from an improved macroeconomic outlook for 2024. The EMEA and North American markets are particularly adversely affected compared to the same period last year, as they are more exposed to trends in the agricultural sector.

The APAC region is substantially in line with the previous period thanks to the positive performance of the Chinese market, which is showing the first tentative signs of stabilization after the crisis of recent years. The Latin American market, whose contribution to the group's sales is marginal at only 3.8 percent, decreased by 24 percent, again due to the decline in the agricultural market.

Ebitda stood at EUR45.8 million against EUR53.6 million recorded in the first quarter of the previous year, affected by the decrease in sales volumes. In percentage terms, operating profitability for the period was up 130 basis points from March 31, 2023, with the Ebitda margin increasing to 16.8 percent from 15.5 percent, in line with the margin levels recorded for the full year 2023.

"These results were achieved thanks to operating synergies from the integration with Walterscheid and careful and effective management of operating costs at the group level," the company explained.

Net debt stood at EUR77.2 million as of March 31, 2024, down EUR17.6 million from EUR94.8 million as of Dec. 31, 2023. Leverage decreases to 0.4 times Ebitda, "confirming the group's financial strength."

Comer Industries' stock is down 0.6 percent at EUR31.50 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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