(Alliance News) - Esprinet Spa reported Monday that it posted a 46 percent drop in profit for the first quarter of the year, to EUR3.2 million from EUR5.9 million in the same period last year.

Revenues as of March 31 were down 9 percent to EUR926.2 million from EUR1.02 billion in the same period in 2023.

Adjusted Ebitda amounted to EUR14.3 million from EUR15.4 million as of March 31, 2023, due to the decrease in revenues despite the significant increase in the percentage margin of 5.7 percent in the January-March 2024 period compared to 5.3 percent in the same period last year.

Adjusted Ebit, which coincides with Ebit as no non-recurring costs were recognized, amounted to EUR9.0 million, down 16% from EUR10.8 million in the first three months of 2023 and further down from adjusted Ebitda, mainly due to depreciation and amortization related to automation equipment in some Italian warehouse operations.

As for the future, in light of industry analysts' expectations of a return to growth in the second half of the year and the above, the group estimates an adjusted Ebitda of between EUR66 and EUR71 million for the year 2024 compared with EUR64.1 million last year.

Esprinet's stock closed Monday up 0.8 percent at EUR5.09 per share.

By Chiara Bruschi, Alliance News reporter

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