IVECO -7% Assenza di miglioramenti su order intake

Fatto

Iveco cade in ribasso del 7% a valle dei risultati trimestrali.

Risultati del 2Q 2024:
•    Ricavi di €3,919mn (-5% YoY), vs our/cons. at €3,947/ 3,913mn, +0%/ +4%
•    Adj. EBIT di €295mn (-5% YoY), vs our/cons. at €282/ 283mn, +5%/ +4%
o    Price €+165mn vs €82mn exp.
o    Vol&Mix €-98mn vs €-68mn exp.
o    Industrial cost €+2mn vs €+102mn exp.
o    SG&A, R&D €-27mn vs €-48mn
o    FX & Others €-55mn vs €-91mn
•    Adj. EBIT margin di 7.5% vs 7.5% in 2Q23, vs our/cons. at 7.1/7.2%
•    Adj. net profit at €173mn (+4% YoY), vs our/cons. at €119/ 125mn, +45%/ +38%
•    Ind. FCF at €-98mn, vs our/cons. at €43/ 38mn
•    Net cash at €1,017mn, vs our/cons. at €1,262/ 1,277mn

Guidance FY24 confermata:
•    Industrial sales at €15.0bn (-4% YoY), vs our/Cons. at €15.1/ 15.2, -1%/ -1%;
•    Adj. EBIT consolidated at €945mn (€± 25mn), vs our/Cons. at €967/ 971mn;
•    Adj. EBIT industrial at €815mn (€± 25mn) margin of 5.4%, vs our/Cons. at €845/ 838mn, -5%/ -4%;
•    Free Cash Flow at €375mn (€± 25mn) vs our/Cons. at €390/ 326mn, +1%/ +8%.

Altri elementi:
•    Volumi di mercato
o    LCV at +0/+5% confirmed
o    M&H at -10% improved vs -15/10%
o    Buses at +0% confirmed
•    Book-to-bill
o    LCV at 0.64x vs 0.68x prev.
o    M&H at 0.69x vs 0.76x prev.
o    Bus at 0.98x vs 1.21x prev.
•    Order backlog
o    LCV at 13w vs 18w prev.
o    M&H at 10w vs 15w prev

Effetto