The following is an extract from the “Iveco Group 2024 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:
A quarter of new product introductions. Full year guidance confirmed
Consolidated revenues amounted to €3,446 million compared to €3,710 million in Q3 2023. Net revenues of Industrial Activities were €3,355 million compared to €3,623 million in Q3 2023, with positive price realisation partially offsetting lower volumes in Truck and Powertrain.
Adjusted EBIT was €206 million (€224 million in Q3 2023) with a 6.0% margin (in line with Q3 2023). Adjusted EBIT of Industrial Activities was €167 million compared to €191 million in Q3 2023, with positive price realisation partially offsetting lower volumes. Adjusted EBIT margin of Industrial Activities was 5.0% (5.3% in Q3 2023), with margin improvements in Bus and Defence.
Adjusted net income was €106 million, an increase of €10 million compared to Q3 2023. Adjusted diluted earnings per share was €0.39, up €0.07 compared to Q3 2023.
Financial expenses amounted to €61 million compared to €96 million in Q3 2023, a better performance year-on-year mainly due to a more contained cost of hedge impact in Argentina resulting from the implemented hedging strategy, and an improvement in the Argentinian hyperinflation accounting impact.
Reported income tax expense was €38 million, with an adjusted Effective Tax Rate (adjusted ETR) of 27% in Q3 2024. The adjusted ETR reflects the different tax rates applied in the jurisdictions where the Group operates and some other discrete items.
Free cash flow of Industrial Activities was negative at €286 million, a €56 million improvement compared to Q3 2023 resulting from lower working capital absorption and also driven by the partial recovery of the Q2 one-off impact related to Model Year 2024.
Available liquidity was €4,376 million as of 30th September 2024, up €199 million from 30th June 2024, including €1,900 million of undrawn committed facilities.
(*) 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.