Q3 2010 Results
Brembo, the Italian motorcycle brake company, and the Board of Directors approved the results for the third quarter of 2010: Net revenues in the third quarter of 2010 amounted to €268.9 million, up 28% compared to the same period of 2009. On a like-for-like basis in terms of consolidation area, net revenues increased 27.6%.
The largest increases were seen in the commercial vehicles sector, which rose by 39.5% compared to the third quarter of 2009, and the motorcycle sector, which reported a gain of 34.3% owing to the recovery of several major clients and the strong performance of the Indian market.
The car sector also performed well, up 27.6% thanks to recoveries of the North American market and the main European customers. After several difficult quarters, positive results were once again reported by the racing (+4.7%) and passive safety (+9.7%) sectors.
In geographical terms, the emerging countries continue developing: China – which benefited from the change in consolidation area – grew by 74.1%, India grew by 72.2%, and Brazil by 19.7%.
The European market showed positive signs, with France up 60.8%, Germany 44.7%, Italy 28.7% and the United Kingdom 18%, owing in part to the comparison with an especially challenging third quarter of 2009.
NAFTA countries also recovered, growing by 8.7% compared to the same period of 2009. In Q3 2010, the cost of sales and other operating costs amounted to €185.6 million, representing 69.1% of turnover, compared to 65.6% for the same period of the previous year.
Personnel expenses for Q3 were €50.2 million, with a ratio to revenues of 18.7%, with a significant decrease compared to 22.4% in the same period of 2009, which included nonrecurring restructuring costs. (Exchange Rate: €1 = $1.37 USD)
At Sept. 30, 2010, the workforce numbered 5,698 (5,603 in June 2010 and 5,417 in December 2009).