Boom in revenues and profit: rally on the stock market for Iveco

Boom in revenues and growing profit for Iveco Group in 2022. The company of trucks, buses and vans controlled by Exor of the Agnelli family archives its first balance sheet after the spin-off from CnhI with 14 billion euro of consolidated revenues, up by 13% year over year. The adjusted ebit is equal to 527 million euros (+151 million on 2021) and the adjusted net profit is 225 million (+85 million). Net liquidity of Industrial Activities amounted to €1.7 billion, with positive free cash flow from Industrial Activities of €690 million. The prospects for the current year are also good, with an expected growth in net revenues of between 2 and 3% and a consolidated EBIT expected between 550 and 590 million. Net liquidity of 2 billion is also expected and investment growth of 10 to 15%.

Numbers that were appreciated by Piazza Affari, which at the beginning rewarded the Iveco share with an increase of more than 10%. And numbers that prompted the managing director, Gerrit Marx to declare: «The accounts are solid, we have laid the foundations for 2023. We will double our efforts to create new partnerships».

A theme, the latter, particularly dear to the CEO of Iveco. “The goal – he explained – is to maintain the positive trend in medium and heavy trucks, accelerate in the lines of light commercial vehicles where we are stronger, consolidate our position as leader in the bus market, particularly in the electric range, grow our automotive business quarter after quarter and continue to innovate the financial services offer that gravitates around Gate. We will achieve these goals thanks to technological advances and strong and loyal partners, aligned with our firm commitment to progress towards a more sustainable society».

The company’s board of directors will propose to the shareholders, meeting on April 14, an initial buy-back program of up to 10 million ordinary shares for a total of up to 130 million eurossubject to market and business conditions, also at the service of the long-term incentive plan.