Iveco Group 2022 second quarter results

Consolidated revenue from €3,371 millionan increase of 1.5%. Net Income from Industrial Activities from €3,329 millionan increase of 1.1%, mainly due to strong positive price realisation.

Adjusted EBIT from €118 million (€126 million in Q2 2021), with a 3.5% margin (3.8% margin in Q2 2021). Adjusted EBIT from industrial activitieses from €91 million (€110 million in Q2 2021), with positive price realization almost offsetting higher raw material and energy costs.

Adjusted Net Income from €60 million (adjusted net income of €77 million in Q2 2021), which excludes a negative after-tax effect of €15 million from the first application of hyperinflationary accounting in Turkey. Adjusted diluted earnings per sharee from €0.20 (adjusted diluted earnings per share of €0.26 in Q2 2021).

Reported tax expense of €29 million, with adjusted effective tax rate (adjusted ETR) from 33% in the second quarter of 2022 (35% in H1 2022). The adjusted ETR reflects the different tax rates applied in the jurisdictions where the Group operates and other individual items.

Net cash from industrial activities Bee €625 million (€1,063 million at 31st December 2021 or €765 million at 31st March 2022). Free cash flow from industrial activities used to be negative € 111 million€293 million lower compared to the second quarter of 2021 due to the recognition of working capital due to the impact of parts shortages on inventory levels and lower production compared to the second quarter of 2021.

Available liquidity Bee €3,495 million from 30e June 2022, €105 million higher than 31st March 2022, including €2,000 million in undrawn committed facilities.

Iveco Group 2022 Second quarter results >

SOURCE: Iveco

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