(Alliance News) - De' Longhi Spa reported Friday that it closed the first quarter with a net profit of EUR51.3 million from EUR38.7 million as of March 31, 2023.

Revenues for the period stood at EUR658.8 million from EUR602.4 million in last year's first quarter.

Adjusted Ebitda as of March 31 was EUR93.8 million from EUR74.3 million in 2023.

Ebit was EUR64.8 million from EUR50.1 million in Q1 2023.

Net financial position was EUR307.6 million in surplus.

CEO Fabio De' Longhi commented, "The persistent expansion of the coffee area and the recovery of the nutrition and food preparation segment supported, for the third consecutive quarter, an organic increase in sales at constant exchange rates at a high single digits rate. This continuity of trend, together with the month-long consolidation of the business combination of La Marzocco and Eversys, enabled the group to achieve sales expansion close to 10 percent."

"These growth dynamics, accompanied by careful cost management and a targeted expansion of investments, have reinforced an improvement in the level of profitability, in a scenario of evident consolidation of results after the phase of progressive post-pandemic normalization."

"In this context of favorable evolution of core categories, although aware of the variability of the current macroeconomic and geopolitical scenario, we confirm the guidance for the year, including the enlargement of the perimeter with the professional coffee business combination, with revenue growth in the 9%-11% range."

"At the margin level, the quarter's results reinforce the expectation of adjusted Ebitda in the range of EUR500-530 million for the new perimeter."

De' Longhi trades in the green by 2.6 percent at EUR33.64 per share.

By Claudia Cavaliere, Alliance News reporter

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