Accounts da record in 2022 for Iveco. Just over a year after the demerger from CNH Industrial, the commercial vehicle and bus manufacturer closed 2022 with USEFULL very solid: growth of revenues double-digit and with an operating profit of industrial activities more than quadrupling due to the effect of the growth in prices and higher volumes which more than offset the higher costs of raw materials and energy.
“We closed our first year as an independent listed company demonstrating that the Iveco Group team knows how to work side by side, facing unprecedented challenges to achieve solid results in all business segments,” he commented. Gerrit Marx, CEO of Iveco Group –. This sets the stage for the second year and strengthens our commitment. We will redouble our efforts to create new partnerships, maintain the positive trend in medium and heavy trucks, accelerate in the light commercial vehicle lines where we are strongest, consolidate our leading position in the bus market, especially in the electric range".
Iveco at the top of the Ftse Mib
The 2022 accounts and the 2023 guidance above expectations are pushing Iveco Group (+14,23% at 8,78 euro per share) a Business Square. THE actions of the company that produces heavy vehicles were initially unable to open and then as soon as trading started it suffered a stop in volatility. A title to keep an eye on given that Iveco has brought its balance sheet up by +38,29% since the beginning of the year.
Iveco Group: 2022 accounts
The company achieved in 2022 with consolidated revenues of 14,357 billion (+13,5%), of which Net revenues of Industrial activities equal to 14,165 billion euros (+13,1%). L'adjusted ebit is equal to 527 million euros (an increase of 151 million euros compared to 2021) and theadjusted net profit to 225 million euros (85 million euros increase compared to 2021), which excludes the negative impact related to the group's activities in Russia and Ukraine. Order intake remained solid, above pre-pandemic levels.
The checkout is also a marked improvement. The lnet liquidity of Industrial activities amounted to 1.727 million euros (1.063 million euros at December 31, 2021), with positive free cash flow from Industrial activities of 690 million euros (+815 million).
The year 2022 therefore "closed with a solid performance thanks to favorable volumes and mixes and better prices which more than compensated for the higher production cost due to the increase in energy costs and inflation, which represent the main challenge,” the company stressed.
Iveco: fourth quarter 2022 accounts
In the fourth quarter of 2022 alone, the group recorded net revenues from industrial activities of 4,35 billion (+30,5%), an adjusted ebit of 206 million (+147 million), an adjusted ebit of industrial activities of 187 million from 43 million pro forma in the last quarter of last year, before the demerger with Cnh, an adjusted net profit of €93 million (+€114 million) and a positive free cash flow from industrial activities of €1,199 billion (+€655 million).
Guidance 2023: net liquidity of 2 billion is expected
For 2023 Iveco Group - on the basis of the current sector outlook - expects an adjusted ebit for this year of between 550 and 590 million, net revenues from industrial activities up by 2% to 3% compared to 2022 and net liquidity from industrial activities at around 2 billion, even with investments in industrial activities growing from 10% to 15% compared to 2022.
A buyback of up to 10 million shares has been proposed, in a rally on the stock exchange
The BoD also said it intends to propose to shareholders an initial buy-back program for ordinary shares of up to 10 million shares for a total of up to 130 million euros. The program, subject to the approval of the shareholders' meeting to be held on April 14, will be financed by the group's liquidity and will last 18 months from the date of approval by the shareholders.
Iveco beats expectations
“Q2022 2023 results were well above both our and consensus forecasts, thanks to much better volumes and a still strong price contribution, while cost increases were more limited,” commented the Intermonte analysts. “The guidance for 14 implies an upward revision of the estimates (mid-point implies +23%/2022% on the Inte./Cons. Adj.EBIT estimates) with a market scenario so far in line with sector expectations” . Furthermore, “in light of an improved net cash position at the end of 2023 and higher 30 Ebit guidance, we estimate a potential valuation upside of approximately XNUMX%”.
Also agrees Equity. "Accounts for the fourth quarter of 2022 and 2023 guidance clearly better than expected", which underlines how the 2022 guidance has been "beaten".
