Italy's Sogefi swings back to Q1 net profit, confirms 2021 outlook

Sogefi SpA

23/04/2021 15:51

April 23 (Reuters) - Italy's Sogefi  SGFI.MI  swung back to
a net profit in the first quarter, thanks to a sales recovery
and the action plan put in place to counter the impact of the
coronavirus crisis, the auto parts maker said on Friday, pushing
its shares up more than 3%.   
    The group, which develops and produces air & cooling
systems, suspension components as well as filtration systems,
reported a January-to-March net profit of 11.8 million euros 
($14.23 million) from a loss of 5.6 million in the same period a
year ago, while revenues in the quarter rose 9.3% at constant
exchange rates to 356.6 million euros. 
    Sogefi also confirmed its guidance for 2021. 
    The stock accelerated after the results and was up 2.9% by
1450 GMT, outperforming a 0.12% fall in Milan's all-share index
 .FTITLMS .
($1 = 0.8291 euros)



 (Reporting by Federico Maccioni and Federica Urso, editing by
Agnieszka Flak)
 ((Federico.maccioni@thomsonreuters.com; +48 58 7696595))