Iveco Group shared its financial results for the very first time, as the newco was announced last year and was listed earlier this year. The Group recorded 12.6 billion euro consolidated revenues in 2021 (+22% year on year, even though 2020 was not an ordinary year due to the Covid pandemic). More into details, as stated by Iveco Group, net revenues of Industrial Activities reached €12,520 million, up 21%, mainly due to higher volumes and positive price realization. Adjusted EBIT of Industrial Activities was equal to €302 million (€89 million loss in 2020), with €403 million increase in Commercial and Specialty Vehicles.
Powertrain adjusted EBIT of €208 million (€195 million in 2020). Adjusted net income of €140 million, with adjusted diluted earnings per share of €0.43 (adjusted net loss of €167 million in 2020, with adjusted diluted loss per share of €0.76).
Iveco Group financial results: truck and powertrain
As for the truck business, European truck market was up 11% year over year, with light-duty trucks up 8%, and medium and heavy trucks up 19%. South American truck market was up 28% in LCV and up 42% in M&H. Order book is strong across all regions: truck order intake in Europe was up 81% year over year, with light duty trucks up 76%, and medium & heavy duty trucks up 94%.
Talking about powertrain (FPT Industrial is part of the On-Highway newco). Net revenues were up 17.9% due to higher volumes. Sales to external customer accounted for 61% (67% in 2020). Adjusted EBIT was €208 million, with an increase of €13 million compared to prior year, mainly due to favorable volume and mix in the first half of the year.
CEO Marx: «Positive expectations for the current year»
«Today is our first earnings call as a newly listed company and 2022 is Year 1 for Iveco Group. We started this new chapter encouraged by the tireless effort of our employees, particularly in managing the continued challenges posed by the supply chain and the pandemic: I personally want to thank the entire team. Looking forward, our expectation for the current year is positive. 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», commented CEO Gerrit Marx.