Brembo has recorded third-quarter net profit down 2% to EUR51.7m (US$61m), while revenue fell 5.9% to EUR609m.
“The results for the third quarter of 2020 approved today by Brembo’s board show that, in a year characterised by exceptionally complex, negative conditions, which have thus far had a severe impact on all industrial sectors, including automotive, Brembo has succeeded in rapidly variabalising many of its costs, containing the negative effects on the reference market,” said Brembo chairman, Alberto Bombassei.
“In the third quarter, we succeeded in taking advantage of the opportunities for recovery offered by the markets, reacting to increased demand from customers very quickly and achieving a result that should be considered gratifying, despite slightly declining compared to 2019. The quarter under review mitigated the negative effects of the first part of a year that is coming to an end with the current fourth quarter, which is in turn marked by uncertainties.
“At such a highly uncertain time, the company presented its new strategic vision, aimed at developing innovative products and processes, including in terms of environmental sustainability, to anticipate the needs of its customers, committed to meeting the challenges posed by the new mobility paradigms.”