Carraro SpA reported consolidated earnings results for the first quarter of 2014. Consolidated turnover for the quarter stood at EUR 177.4 million, compared with EUR 199.5 million for first quarter of 2013. The business areas operating in the machinery sector recorded a decline of 7.7%, while turnover by Elettronica Santerno fell by 54% compared with the prior-year period.

The consolidated EBITDA stood at EUR 10.7 million, a decline of 5.6% over EUR 11.3 million recorded as at 31 March 2013. The EBIT margin for the group is essentially stable, going from 1.9% to 1.8%, while in absolute terms, a slight decline was registered, standing at EUR 3.2 million compared with EUR 3.7 million as at 31 March 2013. The EBIT margin for the business areas in the machinery sector improved from 4.4% to 4.7% and in absolute terms stood at EUR 8.4 million, in line with the prior-year period (EUR 8.4 million as at 31 March 2013).

As expected, as a consequence of reduced volumes, a net loss of EUR 5.0 million was recorded, compared with a loss of EUR 3.1 million in the first quarter of 2013. The Drive Tech business area posted a profit of EUR 2.3 million.