Iveco Group 2023 Third Quarter Results
Iveco Group consolidated revenues of €3.8 billion (up 7% year-on-year).
Adjusted EBIT of €213 million (up €112 million) and adjusted net income of €84 million.
Net cash of Industrial Activities at €725 million.
Full year 2023 financial guidance increased.
The Company announces its Capital Markets Day to be held 14th March 2024.
“Consistent execution throughout the third quarter is reflected clearly in our numbers: revenues at €3.8 billion, up 7% year-on-year, and the Adjusted EBIT at €213 million, up €112 million. Despite most of our channel inventory is already with orders from end customers, we slowed down the delivery of new vehicles to our network as we experienced rather long, capacity related lead-times at multiple bodybuilders across Europe. This led to a somewhat high level of finished inventory - and cash absorption at Group level - which we will deplete over the course of fourth quarter 2023 and first quarter 2024. Furthermore, in a couple of weeks, we are going to launch our Model Year 2024 full range of vans and trucks, with best-in-class powertrains and our all-new XC13 combustion engine. Reaching this milestone will provide the targeted boost to keep pace with our growth strategy, which we will present in greater detail for each business unit during our upcoming Capital Markets Day on 14th March 2024.”
Gerrit Marx, Chief Executive Officer
2023 Third Quarter Results(1)
(all amounts € million, unless otherwise stated – comparison vs Q3 2022)
|
EU-IFRS FINANCIAL MEASURES |
NON-EU-IFRS FINANCIAL MEASURES(2) |
||||||
|
Consolidated EBIT |
206 |
+80 |
Adjusted EBIT |
213 |
+112 |
||
|
Profit/(loss) for the period |
94 |
+47 |
Adjusted net income |
84 |
+54 |
||
|
Diluted EPS € |
0.32 |
+0.15 |
Adjusted diluted EPS € |
0.28 |
+0.18 |
||
|
Cash flow from operating activities |
(203) |
-170 |
Free cash flow of Industrial Activities |
(375) |
-143 |
||
|
Cash and cash equivalents |
1,453 |
-248 |
(*) |
Available liquidity |
3,506 |
-258 |
(*) |
1) Iveco Group reports quarterly and annual consolidated financial results under EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with EU-IFRS.
2) Non-EU-IFRS financial measures: refer to the “Non-EU-IFRS Financial Information” section of this press release for information regarding non-EU-IFRS financial measures. Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-EU-IFRS financial measure and the most comparable EU-IFRS financial measure.
