{"id":93599,"date":"2024-05-10T02:42:00","date_gmt":"2024-05-10T05:42:00","guid":{"rendered":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/releases\/releases-geral\/iveco-group-2024-first-quarter-results\/"},"modified":"2024-05-10T02:42:00","modified_gmt":"2024-05-10T05:42:00","slug":"iveco-group-2024-first-quarter-results","status":"publish","type":"post","link":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/releases\/releases-geral\/iveco-group-2024-first-quarter-results\/","title":{"rendered":"Iveco Group 2024 First Quarter Results"},"content":{"rendered":"<p><b>Iveco Group N.V.<\/b><\/p>\n<p>The following is an extract from the Iveco Group 2024 First Quarter Results press release<sup>(*)<\/sup>. The complete press release can be accessed by visiting the media section of the Iveco Group corporate website: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=tirLu6dGKMCLCdOyDqXCWBGDZarjddSy0JI1SvEYfQa1pDGqGTUoWb57QKX3KlAOjf7XU8DHVNarXPkxWvCP_WWclrFGaRCZ8LqoM90vwRIkGX5CKblpXb-mMFoEH3KE3aLBpx2RHVyZlXrbvO9Z2oknzl7XdI7izvOyNQMfwPKMgyUIGmqjh3O40jnbSU51\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/www.ivecogroup.com\/media\/corporate_press_releases<\/a> or consulting the accompanying PDF:<\/p>\n<p align=\"center\"><strong>Iveco Group consolidated revenues of 3.4 billion (in line with Q1 2023).<\/strong><br \/><strong>Adjusted EBIT of 233\u00a0million (up 59 million compared to Q1 2023)<\/strong><br \/><strong>and adjusted net income of 153\u00a0million (up 77 million compared to Q1 2023). <\/strong><br \/><strong>Negative free cash flow of Industrial Activities of 436\u00a0million (110 million better compared to Q1 2023).<\/strong><\/p>\n<p align=\"justify\">(*) 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.<\/p>\n<p align=\"justify\"><strong>Consolidated revenues<\/strong> of <strong>3,367 million<\/strong>, in line with Q1 2023.<strong> Net revenues of Industrial Activities<\/strong> of <strong>3,283 million<\/strong>, flat vs Q1 2023, with positive price realisation offsetting lower volumes mainly in South America, a negative mix, and an adverse foreign exchange impact.<\/p>\n<p align=\"justify\"><strong>Adjusted EBIT <\/strong>of <strong>233<\/strong> <strong>million<\/strong> (59\u00a0million increase compared to Q1 2023) with a <strong>6.9<\/strong><strong>%<\/strong> <strong>margin <\/strong>(up 170 bps compared to Q1 2023). <strong>Adjusted EBIT of Industrial Activities<\/strong> of <strong>201<\/strong>\u00a0<strong>million<\/strong> (55\u00a0million increase vs Q1 2023) and <strong>margin<\/strong> at <strong>6.1<\/strong><strong>%<\/strong> (up 170 bps compared to Q1 2023), mainly thanks to lower product costs and a continuously positive price realisation in the quarter.<\/p>\n<p align=\"justify\"><strong>Adjusted net income<\/strong> of <strong>153 million<\/strong> (77\u00a0million increase compared to Q1 2023), after deducting the pre- and after-tax loss of 115\u00a0million from signing the definitive agreement to transfer the Fire Fighting business. <strong>Adjusted diluted earnings per share<\/strong> of <strong>0.57 <\/strong>(up 0.32 compared to Q1 2023).<\/p>\n<p align=\"justify\"><strong>Financial expenses<\/strong> of <strong>21 million<\/strong> (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.<\/p>\n<p align=\"justify\">Reported income tax expense of 53 million, with <strong>adjusted effective tax rate<\/strong> (adjusted ETR) of <strong>28<\/strong><strong>%<\/strong> reflecting different tax rates applied in the jurisdictions where the Group operates and some other discrete items.<\/p>\n<p align=\"justify\"><strong>Free cash flow of Industrial Activities<\/strong> <strong>negative <\/strong>at<strong> 436<\/strong>\u00a0<strong>million <\/strong>(vs negative 546\u00a0million in Q1 2023) in line with our seasonal working capital absorption. <\/p>\n<p align=\"justify\"><strong>Available liquidity<\/strong> at <strong>4,685 million<\/strong> as of 31<sup>st<\/sup> March 2024, down 63\u00a0million from 31<sup>st<\/sup> December 2023, including 2,000 million of undrawn committed facilities.<\/p>\n<p \/>\n<p id=\"gnw_attachments_section-header\">\n <strong>Attachment<\/strong>\n<\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li>\n  <a target=\"_blank\" href=\"https:\/\/ml-eu.globenewswire.com\/Resource\/Download\/f055fb70-99c9-4c6b-b283-6ef2e0184e85\" rel=\"noopener\">20240510_PR_IVG_Q1_2024<\/a>\n<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMDk1MDAxMSM0MDE4NDMwNTQjMjIzMzE2OA==\" \/> <br \/><img decoding=\"async\" src=\"https:\/\/ml-eu.globenewswire.com\/media\/Zjc4NDdlMzAtYmVkMC00MmYzLWFkZjAtNDE2ZDBmNWNjNWFmLTEyNDQ3MjE=\/tiny\/Iveco-Group-N-V-.png\" \/><br \/>\n<a href=\"https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/8f75a0f4-8d45-49e9-856c-3abc38b80e4c\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ml-eu.globenewswire.com\/media\/8f75a0f4-8d45-49e9-856c-3abc38b80e4c\/small\/aw-horizontal-coolgray10c-newblu-rgb-png.png\" border=\"0\" width=\"150\" height=\"25\" alt=\"Primary Logo\" \/><\/a><\/p>\n<p>A <b>OESP<\/b> nao e(sao) responsavel(is) por erros, incorrecoes, atrasos ou quaisquer decisoes tomadas por seus clientes com base nos Conteudos ora disponibilizados, bem como tais Conteudos nao representam a opiniao da <b>OESP<\/b> e sao de inteira responsabilidade da <b>GlobeNewswire<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"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 th","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-93599","post","type-post","status-publish","format-standard","hentry","category-releases-geral"],"acf":[],"_links":{"self":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts\/93599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/comments?post=93599"}],"version-history":[{"count":0,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts\/93599\/revisions"}],"wp:attachment":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/media?parent=93599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/categories?post=93599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/tags?post=93599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}