Iveco’s profits boom following surge in orders
Automotive giant Iveco has registered a boom in profits after closing 2021 with a 77 per cent increase in worldwide order intake.
The group’s profits for the full year surged from a net loss of €167m to a €140m adjusted net income, while adjusted diluted earnings per share went up to €0.43 from a loss of €0.67.
Following a 22 per cent increase in revenue, the Turin-based group expects to continue on 2021’s positive streak.
“Looking forward, our expectation for the current year is positive,” said Iveco’s chief executive Gerrit Marx. “We closed 2021 with a 77% increase in our worldwide order intake, and we are striving to run our production footprint at its full capacity.
“At the start of our journey as an independent organisation, we have all it takes to deliver on our commitments.”
The company announced in November it was going to separate from US-Italian multinational CHN Industrial, and finalised the demerger on 1 January. Since its market debut as an independent group, Iveco’s shares progressively went down from €11.37 on 5 January to €8.50 today.
Despite a solid performance in 2021 Iveco, like many others in the industry, was plagued by supply chain issues which resulted in the increase of raw material prices and transportation costs.