Italy's Iveco raises FY guidance again on Q2 beat
02/08/2023 06:55
MILAN, Aug 2 (Reuters) - Italian truck and bus maker
Iveco Group IVG.MI on Wednesday raised its 2023 guidance for a
second time, after posting a spike in adjusted operating profits
in the second quarter as pricing more than offset higher raw
materials costs.
The manufacturer said its adjusted earnings before interest
and tax (EBIT) from industrial activities would come in between
650-700 million euros ($715-$770 million) this year, up from an
already improved previous forecast of between 510-550 million
euros.
In the second quarter, Iveco's adjusted EBIT from industrial
activities stood at 266 million euros, up 192% from a year
earlier, while revenues from industrial activities rose 23.4% to
4.11 billion euros thanks to higher prices as well as volumes
and mix.
($1 = 0.9097 euros)
(Reporting by Giulio Piovaccari, Alessandro Parodi and Luca
Fratangelo, editing Federico Maccioni)
((giulio.piovaccari@thomsonreuters.com))