IVECO Group +5% Risultati ben al di sopra delle previsioni, guidance migliorata significativamente

Fatto

Iveco svetta in rialzo di oltre il +5%.

Dati salienti dei risultati del secondo trimestre 2023:

•    Consolidated sales of €4,180mn (+24% YoY), vs Cons. at €3,864mn, +8%
o    Industrial sales of €4,108mn (+23% YoY), vs Cons. at €3,799mn,  +8%
o    Comm. & Spec. V. of €3,563mn (+28% YoY), vs Cons. at €3,226mn,  +10%
o    Powertrain of €1,135mn (+11% YoY), vs Cons. at €1,123mn, +1%

•    Adj. EBIT consolidated of €301mn (+155% YoY, 7.2% margin), vs Cons. at €180mn, +67%
o    Adj. EBIT industrial of €266mn (+192% YoY, 6.4% margin), vs Cons. at €156mn 
o    Comm. & Spec. V. of €252mn (+223% YoY), vs Cons. at €145mn, +74%
o    Powertrain of €66mn (+40% YoY), v. Cons. at €62mn, +6%

•    Adj. net profit of €157mn (+191% YoY), vs Cons. at €63mn
•    FCF industrial of €131mn, vs Cons. at € -73mn
•    Net cash of €1,166mn, vs Cons. at €1,020mn

2023 guidance (improved significantly, comments vs mid-point):
•    Industrial sales at €14.9-15.3bn (prev. €14.5-14.6bn), vs Cons. at €15.1bn, -0%;
•    Adj. EBIT consolidated at €750-800mn (prev. €600-640mn), vs Cons. at €656mn, +18%;
•    Adj. EBIT industrial at €650-700mn (prev. €510-550mn), margin of 4.4/4.6%, vs Cons. at €561mn, +20%;
•    Net Industrial Cash at €2.0bn including buyback (prev. €2.0bn excluding buyback) vs Cons. at €1.9bn

Other items:
•    No signs of unusual levels of order cancellations
•    Industry volumes 
o    LCV at +11% vs +4% prev.
o    M&H at +19% vs +11% prev.
o    Buses at +11% vs +17% prev.
•    Order backlog. Reduction due to order book closed as company prepares for order opening for MY24
o    LCV at 27w vs 30w prev.
o    M&H at 25w vs 29w prev.
 

Effetto