Iveco Upgrades 2023 Guidance and Reports Strong Q2 Results
Iveco, the Italian commercial vehicle maker, has announced an upgrade to its 2023 guidance following a successful second quarter. Net profit for the quarter reached €150 million ($164.8 million), a significant increase from the €36 million recorded in the same period last year.
Revenue also experienced impressive growth, rising to €4.18 billion from €3.37 billion in 2022. Furthermore, earnings before interest and taxes (EBIT) reached €294 million, compared to €93 million in the prior-year period.
Iveco attributes these positive results to the high demand for both trucks and vans, particularly highlighting the success of its powertrain division, which is currently on track for margin expansion.
With its improved performance, Iveco now predicts that adjusted EBIT for 2023 will fall between €750 million and €800 million, surpassing the previous target range of €600 million to €640 million.
Additionally, the company anticipates net revenue growth for industrial activities to range between 5% and 8% compared to 2022. Adjusted EBIT for industrial activities is now expected to reach between €650 million and €700 million, up from the previous estimate of €510 million to €550 million.
These impressive results and upgraded guidance have positioned Iveco for continued success in the coming years.