Iveco Group 2024 First Quarter Results
10 Maggio 2024 - 7:30AM
The following is an extract from the “Iveco Group 2024 First
Quarter Results” press release(*). The complete press release can
be accessed by visiting the media section of the Iveco Group
corporate website:
https://www.ivecogroup.com/media/corporate_press_releases or
consulting the accompanying PDF:
Iveco Group consolidated revenues of €3.4
billion (in line with Q1 2023).Adjusted EBIT of
€233 million (up €59 million compared to Q1
2023)and adjusted net income of €153 million
(up €77 million compared to Q1 2023). Negative
free cash flow of Industrial Activities of €436 million (€110
million better compared to Q1 2023).
(*) 2024 financial data shown refers to
Continuing Operations only, unless otherwise stated. Continuing
Operations exclude the Fire Fighting business which, following the
already announced signing of a definitive agreement for the
transfer of its ownership, has been classified as Discontinued
Operations. 2023 comparative figures have been recast
consistently.
Consolidated revenues of
€3,367 million, in line with Q1 2023. Net
revenues of Industrial Activities of €3,283
million, flat vs Q1 2023, with positive price realisation
offsetting lower volumes mainly in South America, a negative mix,
and an adverse foreign exchange impact.
Adjusted EBIT of
€233 million (€59 million
increase compared to Q1 2023) with a
6.9% margin (up
170 bps compared to Q1 2023). Adjusted EBIT of Industrial
Activities of
€201 million
(€55 million increase vs Q1 2023) and margin
at 6.1% (up 170 bps compared to
Q1 2023), mainly thanks to lower product costs and a continuously
positive price realisation in the quarter.
Adjusted net income of
€153 million (€77 million increase compared
to Q1 2023), after deducting the pre- and after-tax loss of
€115 million from signing the definitive agreement to transfer
the Fire Fighting business. Adjusted diluted earnings per
share of €0.57 (up €0.32 compared to Q1
2023).
Financial expenses of
€21 million (vs €72 million in Q1 2023),
decreasing year over year mainly thanks to a more contained foreign
exchange rate and cost of hedge impact in Argentina, as a result of
the implemented hedging strategy, as well as to an improvement in
the Argentinian hyperinflation accounting impact.
Reported income tax expense of €53 million, with
adjusted effective tax rate (adjusted ETR) of
28% reflecting different tax
rates applied in the jurisdictions where the Group operates and
some other discrete items.
Free cash flow of Industrial
Activities negative at
€436 million (vs negative
€546 million in Q1 2023) in line with our seasonal working
capital absorption.
Available liquidity at
€4,685 million as of 31st March 2024, down
€63 million from 31st December 2023, including €2,000 million
of undrawn committed facilities.
Grafico Azioni Iveco Group NV (BIT:IVG)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Iveco Group NV (BIT:IVG)
Storico
Da Dic 2023 a Dic 2024
