Spain's Técnicas Reunidas on Friday reiterated its 2024 targets by reporting a stable first-quarter net profit of 20.4 million euros ($22 million).

Earnings before interest and taxes (EBIT) rose 3% to €40.2 million, with an EBIT margin on sales of 4%.

Net sales of €1.0 billion were down 10% year-on-year, but up 13% compared to the fourth quarter of 2023.

The company, which designs and builds petrochemical and gas infrastructure, maintained its full-year guidance, with sales "in the €4.5 billion range" and an EBIT margin of 4%.

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(Reporting by Matteo Allievi; edited by Inti Landauro and Jason Neely; edited in Spanish by Mireia Merino)