Iveco Group 2024 First Quarter Results
The following is an extract from the “Iveco Group 2024 First 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 €3.4 billion (in line with Q1 2023).
Adjusted EBIT of €233 million (up €59 million compared to Q1 2023)
and adjusted net income of €153 million (up €77 million compared to Q1 2023).
Negative free cash flow of Industrial Activities of €436 million (€110 million better compared to Q1 2023).
(*) 2024 financial data shown refers to Continuing Operations only, unless otherwise stated. Continuing Operations exclude the Fire Fighting business which, following the already announced signing of a definitive agreement for the transfer of its ownership, has been classified as Discontinued Operations. 2023 comparative figures have been recast consistently.
Consolidated revenues of €3,367 million, in line with Q1 2023. Net revenues of Industrial Activities of €3,283 million, flat vs Q1 2023, with positive price realisation offsetting lower volumes mainly in South America, a negative mix, and an adverse foreign exchange impact.
Adjusted EBIT of €233 million (€59 million increase compared to Q1 2023) with a 6.9% margin (up 170 bps compared to Q1 2023). Adjusted EBIT of Industrial Activities of €201 million (€55 million increase vs Q1 2023) and margin at 6.1% (up 170 bps compared to Q1 2023), mainly thanks to lower product costs and a continuously positive price realisation in the quarter.
Adjusted net income of €153 million (€77 million increase compared to Q1 2023), after deducting the pre- and after-tax loss of €115 million from signing the definitive agreement to transfer the Fire Fighting business. Adjusted diluted earnings per share of €0.57 (up €0.32 compared to Q1 2023).
Financial expenses of €21 million (vs €72 million in Q1 2023), decreasing year over year mainly thanks to a more contained foreign exchange rate and cost of hedge impact in Argentina, as a result of the implemented hedging strategy, as well as to an improvement in the Argentinian hyperinflation accounting impact.
Reported income tax expense of €53 million, with adjusted effective tax rate (adjusted ETR) of 28% reflecting different tax rates applied in the jurisdictions where the Group operates and some other discrete items.
Free cash flow of Industrial Activities negative at €436 million (vs negative €546 million in Q1 2023) in line with our seasonal working capital absorption.
Available liquidity at €4,685 million as of 31st March 2024, down €63 million from 31st December 2023, including €2,000 million of undrawn committed facilities.
