(Alliance News) - SAES Getters Spa reported Tuesday that it closed the first quarter of the fiscal year with a loss of EUR14.8 million from a profit of EUR5.2 million in the same period of 2023.

"The result," the company explained, "was negatively impacted by the high incidence of nonrecurring costs of EUR23.9 million, partly offset by the excellent financial management result of EUR8 million, mainly composed of the interest accrued in the quarter on the group's cash on hand following the sale of the Nitinol business. In the 2023 quarter, by contrast, the positive figure was entirely attributable to the result of the Nitinol business, which was divested in

October 2023."

Revenues amounted to EUR29.0 million up 1.9 percent from EUR28.5 million in the first quarter a year earlier. Organic growth was driven particularly by the Chemicals Division and the High Vacuum Division.

Ebitda was negative EUR24.1 million from negative EUR500,000 as of March 31, 2023. Excluding nonrecurring operating expenses from both quarters, Ebitda would have been essentially break-even and compares with a pro-forma Ebitda of EUR300,000 in the first quarter of 2023: the slight decrease is mainly attributable to the decline in the Industrial Division, only partially offset by the improvement in the Chemicals and High Vacuum Divisions.

Net Financial Position is positive EUR754.6 million from EUR773.3 million as of Dec. 31.

SAES Getters' stock is down 0.2 percent at EUR26.10 per share.

By Chiara Bruschi, Alliance News reporter

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