Iveco Group keep grinding great results. After i accounts records in 2022, the Group closed the first half of 2023 with revenues of 7,6 billion euros, an increase of 18,1% compared to the previous year. L'Net income adjusted amounted to 219 million euros and theAdjusted EBIT was 463 million euros. In the second quarter, consolidated revenues rose to 4,2 billion euros, with an increase of 24%, while the adjusted Ebit was 301 million euros, with an increase of 183 million euros. Adjusted net profit for the quarter was €156 million. Net Liquidity of Industrial Activities amounts to 1,2 billion euros.
Upward estimates for 2023
Based on the outlook for the sector, Iveco has revised upwards again the estimates for 2023. Consolidated adjusted Ebit is expected to rise between 750 and 800 million euros (previous estimates were between 600 and 640 million euros). Net revenues from industrial activities are expected to grow between 5% and 8% compared to 2022 (previous estimates between 3% and 5%). The adjusted Ebit of the industrial activities should rise between 650 and 700 million euros. Selling, general and administrative expenses of industrial operations remain confirmed at approximately 6% of net revenues. The net liquidity of the industrial activities should reach 2 billion, including the share repurchases and the extraordinary transactions already communicated. Finally, investments in industrial activities are confirmed to grow by around 15% compared to 2022.
“Since the creation of Iveco Group 18 months ago, we worked hard as a united team to constantly improve our products and the efficiency of our processes. This effort is already yielding positive results, allowing us to record another quarter with steady progress on every indicator, despite challenges regarding component availability and raw material costs persisting. Our trucks and vans continue to be appreciated by the market; our Powertrain division is well on its way to margin expansion; we continue to win tenders with our bus offering; and, as per plan, we have just launched GATE, our Green & Advanced Transport Ecosystem. All this makes us even more confident that we will achieve robust results at the end of the year and, as a result, we once again raise our forecasts for 2023 ″ he commented Gerrit Marx, CEO of Iveco Group.
The stock soars on the stock market
The Group's excellent results which analysts define as “clearly better than expected with a significant uptick in guidance for 2023,” they do fly the stock on the stock market. On a difficult day for the stock market, Iveco Group dominates Piazza Affari with an increase of 7,70%.
