(Alliance News) - Tesmec Spa reported revenues of EUR57.5 million in the first quarter, up from EUR55.9 million in the same period last year.

Ebitda was EUR7.0 million, down from EUR8.3 million as of March 31, 2022, in line with expectations for the period.

Ebit was EUR1.4 million from EUR2.9 million as of March 31, 2022.

The loss amounted to EUR2.5 million, compared to a profit of EUR2.0 million as of March 31, 2022, due to negative currency changes, largely unrealized, and from interest rate trends.

Net financial debt was EUR139.5 million, compared to EUR128.4 million as of December 31, 2022, and EUR119.4 million as of March 31, 2022, mainly due to higher inventory against sales later in the year.

The total order backlog is EUR401.3 million, compared to EUR406.2 million as of Dec. 31, 2022 and EUR289.6 million as of March 31, 2022.

In addition, the company let it be known that it confirms the outlook for 2023, specifically revenues between EUR280-290 million, an Ebitda margin between 16 percent and 17 percent, and an improvement in net financial debt compared to the close of fiscal year 2022.

Chairman and CEO Ambrogio Caccia Dominioni commented, "The quarter ended in line with expectations for the period. In 2023, Tesmec will continue its strengthening plan with revenue forecasts at the high end of the range communicated in the 2021-2023 plan of EUR280-290 million for 2023, with an improvement in Ebitda compared to the close of 2022 and a reduction in net financial debt compared to the close of 2022. Tesmec continues to offer advanced and innovative technological solutions for energy efficiency, confirming its willingness to be among the key players in the green and digital transition. The importance of energy infrastructure for sustainable development is increasingly evident and Tesmec is determined to contribute to this."

Tesmec trades down 3.8 percent at EUR0.15 per share.

By Claudia Cavaliere, Alliance News reporter

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