Strong Q4 results, 2023 forecasts drive Iveco up almost 14%
10/02/2023 08:54
** Shares in truckmaker Iveco Group IVG.MI rise almost 14%
after it posted strong Q4 results and forecast further operating
profit growth this year on a solid order backlog
** "Iveco delivered a strong set of year-end results," says
JPM, citing the availability of trucks in Q4, which "led the
company to beat on the top line"
** The broker also says the group managed to offset
inflationary pressures thanks to a strong price realisation
** Iveco, which closed last year - the first one as a
stand-alone company after it was spun-off from CNH Industrial
CNHI.MI - with an adj. operating profit of 527 million euros,
expects the figure to grow to a range of 550-590 million euros
in 2023
** The stock is up by 13.3% by 0850 GMT, outperforming a
0.1% rise in Italy's FTSE MIB Index .FTMIB
** Including Friday's rise, the stock has gained 56.44% YTD
($1 = 0.9313 euros)
(Enrico Sciacovelli and Claudia Cristoferi)
((enrico.sciacovelli@thomsonreuters.com))