(Finance) – Iveco Group closed on third quarter with a “solid performance” thanks to favorable volumes and mixes and better prices that more than offset the cost of production. The production logistic chain “remains challenging”, as does the increase in energy costs and inflation which represent the “main challenge for our activities”.
The group led by Gerrit Marx recorded in the period consolidated revenues equal to 3.5 billion euros (up 19% year on year). L’Adjusted EBIT amounted to 101 million euros, while theadjusted net profit to 30 million euros (15 million euros of
increase compared to the third quarter of 2021), which excludes the proceeds from the final phase of the restructuring of the Chinese joint ventures. Adjusted diluted earnings per share of € 0.10 (up € 0.06 compared to the third quarter of 2021).
In the nine months consolidated revenues amounted to € 9.9 billion, up 7% year on year, adjusted Ebit to € 321 million and adjusted net profit to € 132 million.
Targets for the year improved
Iveco Group “on the basis of solid results from the beginning of the year and a better availability of semiconductors for the remainder of the year” updated the financial perspectives for 2022, despite a logistics-production chain still under pressure, albeit more predictable, and energy costs and challenging inflation, which will have an impact on society and its logistic-production chain. Consolidated adjusted EBIT is expected between 420 million and 440 million euros (previous estimates: 400 million and 420 million euros), net revenues from Industrial Activities up from 5% to 6% compared to 2021 (previous outlook: in increase from 3% to 4% compared to 2021), general, administrative and sales expenses of Industrial Activities lower than 6.5% of net revenues (unchanged compared to previous prospects), net liquidity of Industrial Activities over 1.2 billion euros (previous outlook: around 1.2 billion euros).
“For the third consecutive quarter, we achieved three-digit Adjusted EBIT, and our seasonal free cash flow absorption was € 316 million better than the same period in 2021. These results, in a context of solid fundamentals, allow us to revise our outlook for the year upwards againdespite the continuing difficulties that our sector is facing – he commented Gerrit Marx, Chief Executive Officer –. On the commercial front, we have launched and opened order collection for the eDAILY, our new electric van with a gross vehicle weight of up to 7.2 tonnes, and the Nikola Tre with electric batteries for European markets, with a range of up to 500km – both available on the market in 2023. We also unveiled the first prototype of a hydrogen DAILY, powered by Hyundai’s renowned combustion cell technology, and a working beta version of an electric Nikola Tre also hydrogen. Congratulations to all
team for having hit our financial goals, always pushing ourselves further through innovation and clear commitments to sustainability “.
The Iveco stock listed on the Milan Stock Exchange in the first few minutes of trading already collects the promotion from the market and shows an increase of more than 3 percentage points, outperforming the main TSE MIB basket, whose index marks a rise of 0.55%.