Iveco Group Backs Guidance After Profit Surges on Lower Finance Costs
By Ian Walker
Iveco Group reported a near trebled net profit for the first quarter due mainly to lower finance costs and backed its full-year guidance.
The Italian truck and bus maker said Friday that net profit for the quarter was 17 million euros ($18.3 million) compared with EUR6 million for the comparable period a year earlier.
Revenue was near flat at EUR3.37 billion compared with EUR3.36 billion of which EUR3.28 billion was from industrial activities, compared with EUR3.33 billion. This compares with consensus of EUR3.345 billion and EUR3.26 billion respectively, taken from the company's website and based on nine analysts estimates.
Revenue from industrial activities for the year is expected to fall around 4% from EUR15.88 billion in 2023, as guided for at the company's capital markets day on March 15.
Adjusted earnings before interest and taxes--a company preferred metric which strips out exceptional and other one-off items--was EUR233 million compared with EUR162 million and a consensus of EUR191 million. It has targeted EUR920 million to EUR970 million for the year.
Adjusted EBIT from industrial activities is forecast to be between EUR790 million and EUR840 million. It rose 55% to EUR201 million in the first quarter beating a consensus of EUR161 million.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
May 10, 2024 02:03 ET (06:03 GMT)
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