(Alliance News) - Sogefi Spa reported Monday that it reported net income in the first nine months of the year of EUR45.8 million, up 39 percent from EUR33.0 million in the same period last year.

Revenues stood at EUR1.25 billion, up 8.1 percent from EUR1.15 billion in the first nine months of 2022.

Growth was very significant in Europe up 11 percent, North America up 9.2 percent and India up 7.8 percent. In South America and China, however, revenues are down due to exchange rate changes; at constant exchange rates, revenues are equivalent or slightly higher than in the previous year.

Ebitda amounted to EUR173.9 million, up 15 percent from EUR151.7 million, thanks to the growth in revenues and contribution margin as the company announced in a note.

Ebit for the first nine months stood at EUR89.1 million, up about 40 percent from EUR63.9 million and with Ebit margin at 7.1 percent compared to 5.5 percent in 2022.

Net debt as of September 30 was EUR192.7 million compared to EUR224.3 million as of December 31, 2022.

In the third quarter, revenues stood at EUR404.9 million, down 0.5 percent from the same period in 2022.

Ebitda was EUR61.7 million from EUR51.6 million in Q3 2022.

Ebit stood at EUR32.3 million from EUR22.3 million in Q3 2022.

Net income from operating activities for the quarter was EUR20.2 million, compared to EUR13.4 million in the same period last year.

Looking ahead, "For the fourth quarter, S&P Global expects global automobile production to grow by 3.5 percent, compared to the corresponding period in 2022. As for raw materials, the price trend in the first nine months has been downward, and there are no signs of a reversal of the trend to date. With regard to energy costs, after a phase of containment, volatility remains high and could potentially be exacerbated by new geo-political tensions," the release states.

"In the absence of deteriorating factors in the macroeconomic scenario compared to the current one, the Sogefi group expects revenue growth of more than 5 percent for 2023 and an increase in profitability compared to 2022, excluding nonrecurring charges, in line with that recorded in the first nine months of the year."

Sogefi trades in the red by 0.4 percent at EUR1.64 per share.

By Claudia Cavaliere, Alliance News reporter

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