Iveco expects operating profit boost on strong order backlog (updated)
10/02/2023 07:34
*
Q4 adjusted EBIT 187 mln euros vs pro-forma 43 mln year
earlier
*
2022 EBIT 527 mln euros, expects 550-590 mln in 2023
(Recasts, adds detail)
MILAN, Feb 10 (Reuters) - Truckmaker Iveco Group
IVG.MI said on Friday its operating profit would grow this
year on a solid order backlog after posting strong
fourth-quarter results.
The Italian manufacturer said it expects its full-year
adjusted earnings before interest and tax (EBIT) to rise to
550-590 million euros in 2023.
In 2022, Iveco's first year as a stand-alone company, it
posted a 527 million euro ($566 million) result, above its own
forecast.
"Order intake remained solid (in 2022), above pre-COVID 19
levels, with between 30-35 weeks of production already sold for
light commercial vehicles and medium and heavy-duty trucks," the
group said in a statement.
Iveco was spun-off from farming and construction machine
maker CNH Industrial CNHI.MI and separately listed at the
beginning of 2022.
In the fourth quarter, the company's topped analyst
forecasts thanks to strong pricing power, higher volume and
better product mix, which more than offset higher raw material
and energy costs.
Its adjusted earnings before interest and tax (EBIT) from
industrial activities more than quadrupled to 187 million euros
in the October-December quarter from a 43 million euro pro-forma
result a year earlier.
($1 = 0.9318 euros)
(Reporting by Giulio Piovaccari; editing Federico Maccioni and
Jason Neely)
((giulio.piovaccari@thomsonreuters.com))