IVECO Group - I risultati battono le stime

Fatto

Iveco Group svetta tra le blue chip. La società ha rilasciato un buon set di risultati nel 1Q24, che sono migliori delle stime. La società ha confermato la guidance sul FY24. In questa fase, non vediamo alcun segnale di debolezza.

1Q24 results highlights:

• Consolidated sales of € 3,367mn (-1% YoY), vs our/cons. at €3,225mn/€3,345mn, +4%/ +1%
  • Industrial sales of €3,283mn (-1% YoY), vs our/cons. at €3,133mn/€3,261mn, +5%/ +1%
  • Comm. & Spec. V. of €2,966mn (+6% YoY), vs our/cons. at €2,608mn/€2,806mn, +14%/ +6%
  • Powertrain of €317mn (-39% YoY), vs our/cons. at €525mn/€455mn, -40%/ -30%
• Adj. EBIT consolidated of €233mn (+44% YoY, 6.9% margin), vs our/cons. at €168mn/€191mn, +39%/ +22%
  • Adj. EBIT industrial of €201mn (+50% YoY, 6.1% margin), vs our/cons. at €134mn/€161mn, +50%/ +25%
  • Strong performance thanks to lower product costs and pricing partly offset by more negative volume, sg&a, r&d and fx
  • Comm. & Spec. V. of €195mn (+54% YoY), vs our/cons. at €120mn/€150mn, +63%/ +30%
  • Powertrain of €6mn (-14% YoY), vs our/cons. at €14mn/€11mn
• Adj. net profit of €156mn (+164% YoY), vs our/cons. at €35mn/€65mn, +346%/ +140%
• FCF industrial of €-436mn, vs our/cons. at €-576/€-569mn
• Net cash of €1,231mn, vs our/cons. at €1,216mn/€1,324mn
•  
• 2024 guidance:
• Industrial sales at €15.0bn (-5.4%/ -4.0% reported/adjusted YoY), vs our/Cons. at €15.2/ 15.2, -1%/ -1%;
• Adj. EBIT consolidated at €945mn (€± 25mn), vs our/Cons. at €987/ 971mn;
• Adj. EBIT industrial at €815mn (€± 25mn) margin of 5.4%, vs our/Cons. at €854/ 848, -5%/ -4%;
• Free Cash Flow at €375mn (€± 25mn) vs our/Cons. at €420/ 361mn, +1%/ +85%.

Other items:

• No signs of unusual levels of order cancellations
• Industry volumes
  • LCV at +5% improved vs +0% prev.
  • M&H at -15/-10% confirmed
  • Buses at +0% confirmed
• Order for MY are coming in “well”
• Order backlog
  • LCV at 18w vs 23w prev.
  • M&H at 15w vs 20w prev

Effetto