(Alliance News) - Industrie De Nora Spa reported Wednesday that it made a net profit of EUR18.0 million in the first quarter, down 28 percent from EUR25.0 million in the same period of 2023.

The backlog amounted to EUR661.1 million up 8 percent from EUR612.1 million as of Dec. 31, 2023. This expansion, the company explains in a statement, incorporates new orders acquired during the first quarter of about EUR240 million, or 1.3 times revenues for the period.

First-quarter revenues amounted to EUR189.1 million, down 13 percent from EUR216.9 million in the first quarter of 2023. The figure, the company points out, is affected by about EUR6 million from the development of some currencies, mainly Asian; net of these effects the figure would have been EUR194.8 million.

The evolution of revenues compared to the same period of the previous year is in line with the forecasts of the business plan to 2024-20262 and mainly incorporates the decline in the Electrode Technologies business, which is expected to be gradually reabsorbed starting in the second quarter.

Adjusted Ebitda for the period was EUR35.9 million down 23 percent from EUR46.7 million as of March 31, 2023. "The evolution from 2023," the note says, "was expected within the business plan to 2024-2026 and mainly reflects the expected reduction in volumes.

Adjusted Ebitda margin as of March 31 was 19 percent from 22 percent in Q1 2023, in line with guidance.

Ebit was EUR27.5 million from EUR39.7 million, down 31%.

Net financial position is positive EUR9.4 million from EUR10.1 million in Q1 2023.

Industrie De Nora gives up 3.9 percent to EUR12.86 per share.

By Chiara Bruschi, Alliance News reporter

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