Italy's Iveco ups 2023 guidance after operating profit jump (updated)
11/05/2023 07:49
(Adds CEO quote, outlook on profitability, background on
company)
May 11 (Reuters) - Italian truckmaker Iveco IVG.MI on
Thursday raised its earnings guidance for this year, after
posting a 63.4% year-on-year jump in adjusted operating profit
in the first quarter.
The manufacturer said its adjusted earnings before interest
and tax (EBIT) from industrial activities would come in between
510 million and 550 million euros ($561-$605 million) this year,
up from a previous forecast of between 460 million and 500
million euros.
Its EBIT from industrial activities stood at 134 million
euros in the January to March period.
Iveco, which makes commercial vehicles also under the Astra
and Heuliez brands, said profitability improved across its
businesses in the first quarter, including Heavy-Duty Trucks,
while order intake was above pre-pandemic levels.
"As in prior first quarters, our operations absorbed cash,
having been more acutely impacted by the ongoing supply chain
disruptions and component shortages, but we will fully recover
during the year," CEO Gerrit Marx said in a statement.
Iveco was spun-off from farming and construction machine
maker CNH Industrial CNHI.MI and separately listed at the
start of 2022.
($1 = 0.9084 euros)
(Reporting by Federica Urso, Editing by Alvise Armellini and
Mark Potter)
((Gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))