(Finance) – “Today it is our first quarter of earnings disclosure, in our first year as an independent companyI am pleased to announce one solid performance, despite continuing supply chain problems due to the continuing shortage of components which caused delays, reduced our production. ”He said this the CEO of Iveco, Gerrit Marxcommenting on the results for the first quarter of the year.
“Looking at our financial results, consolidated net revenues increased nearly 2% from the previous year, with the adjusted EBIT margin at 3.3%. Adjusted diluted EPS is 15 cents per share” – he added. Marx -. We ended the quarter with one solid cash position net at € 765 million, a figure that includes an expected one-off negative cash impact of € 141 million related to our fully consolidated joint venture for Chinese engines that will be fully compensated by the end of the year. “
“I want to congratulate the entire Iveco Group team for the extremely careful management of our liquidity: the seasonal absorption of free cash flow from industrial activities amounted to 166 million euros, an improvement of 137 million euros compared to the first quarter of last year, and available liquidity remains solid to 3.4 billion euros “- said the CEO – explaining that” in facing the second quarter, for which we expect the greatest impacts for the entire year deriving from the shortage of components, we will continue to maintain strong control over the working capital and cash flow. The current challenging environment is further strengthening our resilience and determination to deliver results throughout 2022 and beyond. “
“In our segment of Light Commercial Vehicles – he then adding Marx – we were able to gain market share in a declining industryfurther demonstrating i strengths of our brand and the unique positioning of our products. Looking at the high end of the segment, we have further consolidated our leadership with 63.4% of the market, compared to 60.9% in the fourth quarter of 2021. We also recorded excellent performances in the professional cab chassis segment, closing the quarter up by 450 bps compared to the first quarter of 2021, at 31.6%. Looking at the entire light commercial vehicle segment, we closed the quarter at 15.5%, up 360 basis points compared to the first quarter of 2021 “.
Looking at the subdivision by region and the percentage change on an annual basis – underlined the top manager – “it is possible to note that net revenues increased by 68% in South America, continuing the strong performance recorded in the 2021 financial year (mainly driven by Trucks and Powertrain). Europe, Net Revenues are down slightly by 2% and in the Rest of the World by 11% “. Looking at the breakdown by business unit“buses increased significantly from last year to 21% (driven mainly by Europe), trucks grew by 6% (driven mainly by SA and RoW) and net revenues from special vehicles increased by 4% compared to last year “.