Iveco Group 2022 Third Quarter Results
The following is an extract from the “Iveco Group 2022 Third Quarter Results” press release. The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: https://www.ivecogroup.com/media/corporate_press_releases or consulting the accompanying PDF:
Iveco Group consolidated revenues of €3.5 billion (up 19% year on year).
Adjusted EBIT of €101million and adjusted net income of €30 million.
Net cash of Industrial Activities at €561million.
Consolidated revenues of €3,520 million, up 19.0%. Net revenues of Industrial Activities of €3,471 million, up 18.6%, mainly due to higher volumes and positive price realization.
Adjusted EBIT of €101 million (€44million increase compared to Q3 2021), with a 2.9% margin (up 100 bps compared to Q3 2021). Adjusted EBIT of Industrial Activities of €64million (€33million in Q3 2021), with positive price realization, higher volumes and better mix more than offsetting higher raw material and energy costs.
Adjusted net income of €30 million (€15million increase compared to Q3 2021), which primarily excludes the gain on the final step of Chinese joint ventures’ restructuring. Adjusted diluted earnings per share of €0.10 (up €0.06 compared to Q3 2021).
Financial expenses of €65 million (€31 million in Q3 2021), increasing mainly due to hyperinflation impacts in Argentina and Turkey, and higher interest rates.
Reported income tax expense of €14 million, with adjusted effective tax rate (adjusted ETR) of 17% and 32% for the three and nine months, respectively. The year-to-date adjusted ETR is in line with the current full year expectation and reflects different tax rates applied in the jurisdictions where the Group operates and some other discrete items.
Net cash of Industrial Activities at €561 million (€1,063 million at 31st December 2021 or €625 million at 30th June 2022). Free cash flow of Industrial Activities was negative €232 million, a €316 million improvement compared to Q3 2021 primarily due to lower working capital absorption mainly driven by higher production and sales.
Available liquidity at €3,554 million as of 30th September 2022, up €59million from 30th June 2022, including €2,000 million of undrawn committed facilities.
Fabio LeporeHead of EMEA CommunicationsItalyfabio.firstname.lastname@example.org+39 335 74 69 007
Riccardo PierobonEMEA Communications ManagerItalyriccardo.email@example.com+39 331 65 63 552
MORE FROM IVECO GROUP
SUBSCRIBE TO RSS FEEDXML
Iveco Group announces Senior Leadership Team changes
Towards the sustainable transport of the future: Iveco Group presents Latin America’s first complete alternative propulsion truck and powertrain range at the Fenatran trade show
Iveco Group N.V. announces successful signing of a euro 400 million syndicated term facility
2022 Corporate Calendar – Update Iveco Group N.V. to present its 2022 Third Quarter Results on 9th November 2022