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Iveco Group raises guidance again after strong Q3

2023-11-01 14:55
MILAN Italian truck and bus maker Iveco Group on Wednesday raised its 2023 guidance for the third time
Iveco Group raises guidance again after strong Q3

MILAN Italian truck and bus maker Iveco Group on Wednesday raised its 2023 guidance for the third time this year, after it posted a rise in third-quarter adjusted operating profit reflecting a strong price realisation.

The manufacturer said its adjusted earnings before interest and tax (EBIT) from industrial activities would come in between 770-800 million euros ($814-845 million) this year, up from an already improved previous forecast of 650-700 million euros.

In the third quarter, Iveco's adjusted EBIT from industrial activities stood at 180 million euros, up 181% from a year earlier and higher than a company-provided analysts' consensus of 164 million euros.

Revenues from industrial activities rose 5.8% in the quarter to 3.67 billion euros due to positive price realisation and better mix.

($1 = 0.9463 euros)

(Reporting by Giulio Piovaccari and Alessandro Parodi; editing by Milla Nissi)