Iveco Group 2024 Second Quarter Results
Iveco Group consolidated revenues of €3.9 billion (€4.1 billion in Q2 2023)
and adjusted EBIT of €295 million (€311 million in Q2 2023) with an
adjusted EBIT margin of 7.5% (in line with Q2 2023).
Adjusted net income of €182 million (up €15 million compared to Q2 2023)
and adjusted diluted earnings per share of €0.63 (up €0.02).
Negative free cash flow of Industrial Activities of €98 million
“It is with pride that I join Iveco Group’s team as CEO in a moment when the resilience and passion for our diverse businesses are especially tangible. Our momentum continues to build providing solid foundations for the balance of 2024, and we confirm the roll-out of Model Year 2024 in the second half of the year with our view of the 2024 truck market dynamics remaining unchanged. We have gained market share in all ranges, maintained our positive price realisation and increased our industrial margins. More specifically, in the second quarter we increased our adjusted EBIT margin of industrial activities to 6.9% and our adjusted net income to 185 million euros, 15 million more compared to the second quarter of 2023. This was the outcome of a collective effort since all our business units performed well, growing or maintaining their profitability. We are moving with full force on our trajectory for 2024, therefore we confirm our year-end targets and our commitment to our Strategic Business Plan.”
Olof Persson, Chief Executive Officer
2024 Second Quarter Results of Continuing Operations(1)
(all amounts € million, unless otherwise stated – comparison vs Q2 2023)
|
EU-IFRS FINANCIAL MEASURES |
NON IFRS FINANCIAL MEASURES(2) |
||||||
|
Consolidated EBIT |
284 |
-20 |
Adjusted EBIT |
295 |
-16 |
||
|
Profit/(loss) for the period |
172 |
+11 |
Adjusted net income |
182 |
+15 |
||
|
Diluted EPS € |
0.59 |
- |
Adjusted diluted EPS € |
0.63 |
+0.02 |
||
|
Cash flow from operating activities |
179 |
-225 |
Free cash flow of Industrial Activities |
(98) |
-233 |
||
|
Cash and cash equivalents |
2,252 |
-359 |
(**) |
Available liquidity |
4,177 |
-508 |
(**) |
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.
