Home Business Iveco gets into gear: revenues up 19% in the quarter, profits doubles

Iveco gets into gear: revenues up 19% in the quarter, profits doubles

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Iveco gets into gear: revenues up 19% in the quarter, profits doubles

Iveco enters the gear of growth. The truck and bus group controlled by Exor, the holding company of the Agnelli group led by CEO John Elkann, closed the third quarter of the year with € 3.5 billion in consolidated revenues, up 19% on the same period of 2021. Adjusted EBIT amounted to 101 million euros (plus 44 million) and adjusted net profit 30 million (15 million more). The net liquidity of industrial activities amounted to € 561 million. But, above all, Iveco has revised up the prospects for the whole of 2022, “despite the difficulties of the sector”. A sign of a positive business trend. The forecast is now for a 5 to 6% increase in net revenues from Industrial Activities compared to 2021 (the previous outlook was for an increase from 3% to 4%) and a consolidated adjusted EBIT between 420 and 440 million (it was between 400 and 420 million). Net liquidity of industrial activities is good, expected to be over 1.2 billion (compared to around 1.2 billion).

The CEO of Iveco Group, Gerrit Marx, is satisfied. “These results, in a context of solid fundamentals, allow us to revise our prospects for the year upwards again, despite the continuing difficulties that our sector is facing – he said – For the third consecutive quarter, we have reached an adjusted ebit in three figures, and our seasonal absorption of free cash flow was 316 million euros better than in the same period of 2021 ».

On the commercial front, Marx recalled – the eDaily, the new electric van with a gross vehicle weight of up to 7.2 tons, and the Nikola Tre with electric batteries for the European markets were launched with the opening of the order collection. , with a range of up to 500 km, both available on the market in 2023. “We also presented the first prototype of a hydrogen Daily, powered by the renowned Hyundai combustion cell technology – added the CEO – and a working beta version. of an electric Nikola Tre also powered by hydrogen ».

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