Carraro SpA announced consolidated earnings results for the first quarter ended March 31, 2016. Consolidated turnover for the quarter amounted to EUR 157.6 million, a 12.8% decrease against EUR 180.7 million in first quarter of 2015. The negative effect of exchange rates impacts on the quarter turnover, net of which the contraction would be 10%. With the same perimeter, excluding the contribution of O&KA, sold at the end of last year, the contraction would be equal to 7.3%. For the quarter, the company reported EBIT was EUR 1,462,000 compared with EUR 4,009,000 for the same period a year ago. EBITDA was EUR 7,002,000 compared with EUR 11,355,000 for the same period a year ago. Net loss before taxes was EUR 3,042,000 compared with EUR 297,000 for the same period a year ago. Net consolidated loss was EUR 4,860,000 compared with EUR 2,029,000 for the same period a year ago.

The company provided revenue guidance for the second quarter of 2016. Turnover expectations for the second quarter are of slight increase compared to the first one but, even so, lower looking at the same period of last year, whereas margins are foreseen in slight improvement.