Gestamp has more than tripled first-quarter net income to EUR51m (US$62m), recovering and surpassing pre-COVID-19 levels.

Revenue amounted to EUR2.11bn during the period, which represents an increase of 11.7% at constant FX versus Q1, 2020, outperforming by 7.9% the markets where Gestamp has presence.

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EBITDA reached EUR258m, which supposes a 43.9% increase at constant FX when compared to the first three months of 2020.

Reiterating guidance for 2021:

In its aim of adjusting the supplier’s industrial and operational structure to the current market situation, Gestamp has successfully implemented the first phase of the Transformation Plan.

During 2021, Gestamp expects revenues to outperform the global auto production market by mid-single digits. The continued focus on executing the Transformation Plan will allow the Group to reach an EBITDA margin above 12% by the end of 2021.

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“Gestamp has delivered a solid Q1, 2021, outperforming our Q1, 2020 and even our Q1, 2019 at all levels of the P&L even with lower market volumes,” said Gestamp executive chairman, Francisco Riberas.

“Macroeconomic risk remains as the pandemic continues to hit important geographies and vaccination efforts are heterogenous.

“The automotive market is still facing uncertainty around semi-conductor shortage impact in the near future, as well as inflationary pressures in raw materials. We reiterate our 2021 guidance and we continue oriented on the transformation of the Group with a special focus on improving the efficiency and added value.”