Gestamp’s sales reach €3,144 M in 1Q23, up 39.4% year-on-year

Gestamp ChinaThe Spanish multinational has a workforce of nearly 4,000 people in China

Norbolsa | Gestamp, a multinational company dedicated to the design, development, and manufacture of automotive components, released its 1Q23 results on Tuesday at market close, coming in above consensus expectations in both sales and EBITDA. Revenues reached €3,144m in the quarter (+8.8% vs. consensus) with a growth of +39.4% year-on-year, and EBITDA came in at €336m (versus €312m estimated by the consensus).

In terms of margins, the company reported an mg. EBITDA of 10.7% (vs. 11.2% in 1Q22), slightly below the 10.8% estimated by the consensus, affected by the negative seasonality of the quarter, the negative impact of the ramp-ups of the projects started in Asia, and the inflationary pressures (wages and energy).

Outlook: positive results, highlighting the strength in sales, with an outperformance of +22.7 p.p., with growth above the market in all regions. There is some pressure on margins, as we pointed out in the preview, but we believe that this is a good start of the year to meet the somewhat prudent FY23 topline guidance. We believe that the share price should reflect these good results.

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