Iveco, double-digit revenues in the first quarter: + 11.5%

Start of the year with double-digit revenue growth for Iveco and forecasts for the whole of 2023 revised upwards. The truck and bus group controlled by the Agnelli family’s Exor closed the first quarter with consolidated revenues of 3.4 billion euros, grossing +11.5% compared to the same period of 2022. Adjusted EBIT amounted to 162 million (60 million more than in Q1 2022), adjusted net profit at 63 million (21 million more). Net liquidity from industrial activities is €1.1 billion (€1.7 billion as at 31 December 2022). The financial perspectives for 2023 have been updated upwards: consolidated adjusted ebit between 600 and 640 million euros, net revenues from industrial activities up from 3% to 5% on 2022, net liquidity at around 2 billion.

«We started our ‘Year 2’, that of transformation, with another series of excellent results – comments the CEO, Gerrit Marx – Our main commercial and financial indicators are positive, with consolidated revenues growing by 11.5 % year over year and a consolidated adjusted ebit margin at 4.8%, with heavy commercial vehicles also having a positive result, joining our cornerstones in light commercial vehicles and engines. As in the previous first quarters, our activities have absorbed liquidity, influenced even more severely by the continuous interruptions of the logistic-production chain and by the shortage of components, liquidity that we will fully recover during the year”.

According to the CEO, “the recent results mark our stable improvement in performance, which includes the success of our electric buses, in conjunction with the inauguration of the low and zero emission bus plant in Foggia”.

Marx comments positively on the new chapter of the partnership with Nikola, which sees Iveco Group becoming sole owner of the European joint venture that will make it possible to produce fully electric heavy vehicles. “We have updated the prospects for the year upwards – Marx continues – even if we remain cautious and rooted in our fundamentals”.

The company has launched a first tranche (up to 55 million euros) of the treasury share buyback program with the aim of buying back up to 10 million ordinary shares up to a maximum of 130 million euros.