IVECO +9% Solidi risultati e outlook meglio delle attese

Fatto

Iveco vola in rialzo del +9% e si proietta sui massimi da due anni. Il gruppo ha rilasciato un buon set di risultati e una guidance sul 2024 al di sopra delle aspettative di consenso.

4Q23 results highlights:
•    Consolidated sales of € 4,877mn (+10% YoY), vs our/cons. at €4,424mn/€4,465mn, +10%/ +9%
o    Industrial sales of €4,770mn (+10% YoY), vs our/cons. at €4,338mn/€4,395mn, +10%/ +9%
o    Comm. & Spec. V. of €4,212mn (+10% YoY), vs our/cons. at €3,829mn/€3,870mn, +10%/ +9%
o    Powertrain of €558mn (+4% YoY), vs our/cons. at €509mn/€525mn, +10%/ +6%
•    Adj. EBIT consolidated of €264mn (+28% YoY, 5.4% margin), vs our/cons. at €245mn/€247mn, +8%/ +7%
o    Adj. EBIT industrial of €238mn (+27% YoY, 5.0% margin), vs our/cons. at €214mn/€220mn, +11%/ +8%
o    Comm. & Spec. V. of €197mn (+19% YoY), vs our/cons. at €192mn/€206mn, +3%/ -4%
o    Powertrain of €41mn (+95% YoY), vs our/cons. at €22mn/€14mn
•    Adj. net profit of €49mn (-46% YoY), vs our/cons. at €101mn/€126mn, -51%/ -61%
o    Adjusted net profit impacted by the impact of the Argentine peso devaluation and hyperinflationary accounting
o    FY23 Adj. EPS of €1.23 vs our €1.44
•    FCF industrial of €1,249mn, vs our/cons. at €1,248/€1,128mn
•    Net cash of €1,852mn, vs our/cons. at €1,906mn/€1,950mn

2024 guidance:
•    Industrial sales at €15.1bn (-5% YoY), vs our/Cons. at €15.4/15.0bn, -2%/ +0%;
•    Adj. EBIT consolidated at €900-950mn, vs our/Cons. at €866/ 815mn, +7%/ +13%;
•    Adj. EBIT industrial at €770-820mn (margin of ~5.3% vs 5.2% in FY23), vs our/Cons. at €748/ 700mn, +6%/ +14%;
•    Free Cash Flow at €350-400mn vs our/Cons. at €372/203mn, +1%/ +85%.

Other items:
DPS of €0.22 vs our/Cons €0.31/0.17mn; Buyback of €130mn; Nessun segnale di cancellazioni di ordini inusuali; Industry volumes: i) LCV flat vs our +2% (33% of IVG’ sales), ii) M&H at -10%/-15% vs our -10% (37%), iii) Buses flat vs our 0% (17%); Order backlog: i) LCV at 23w vs 25w prev., ii) M&H at 20w vs 20w prev.

Conf. Call alle 11:00 am CEST (Conference Call dial-in: Italy +39 06 83360400 / UK +44 (0) 33 0551 0200 / France +33 (0) 1 7037 7166 / Netherlands: +31 (0) 20 708 5073 / US +1 (786) 697 3501). Password: IVECO. Webcast available at this link.
 

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