(Alliance News) - Recordati Spa reported Thursday that it closed the first quarter with revenues up 10 percent year-on-year to EUR607.8 million from EUR551.4 million in the same period last year.

Gross profit increased 7.2 percent to EUR415.6 million from EUR387.7 million and Ebitda rose 11 percent to EUR244.0 million from EUR220.8 million a year earlier, with Ebit rising to EUR186.9 million from EUR172.6 million.

Earnings before taxes rose to EUR161.1 million from EUR159.9 million and net income fell to EUR123.6 million from EUR124.0 million. Net income per share fell to EUR0.599 from EUR0.603.

Free cash flow was EUR147.1 million in Q1 2024, up EUR43.7 million from Q1 2023, driven by higher Ebitda and lower working capital absorption. Net debt was EUR1.43 billion, or leverage of about 1.75 times pro forma Ebitda, compared to net debt of EUR1.58 billion as of Dec. 31, 2023.

Recordati's stock is down 1.9 percent at EUR50.25 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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