Iveco Group Reports Strong Q4 Results and Exceeds 2024 Guidance

Shares of Iveco Group saw a significant boost on Friday following the release of its fourth-quarter results and optimistic guidance for 2024.

Shares Surge

At 08:53 GMT, shares were trading 7.8% higher at EUR10.59. Earlier in the session, the stock had experienced a remarkable increase of up to 10%.

Positive Quarterly Performance

Iveco Group, the Italian commercial-vehicle manufacturer, delivered a solid performance in the fourth quarter. According to analysis from JPMorgan, their expectations for 2024 exceeded analysts' predictions.

Higher Income Guidance

Despite predicting a 5% decline in revenue compared to the previous year, Iveco's adjusted operating income guidance for 2024 is 10% higher than what JPMorgan had initially anticipated.

The company's consolidated adjusted earnings before interest and taxes for 2024 are projected to be between 900 million and 950 million euros ($970.1 million-$1.02 billion).

Optimistic Outlook

Analysts at JMP anticipate upgrades to Iveco's earnings consensus, reflecting the positive trajectory of the company.

Equita Sim analyst Martino De Ambroggi stated that Iveco also achieved its guidance for 2023, signaling a positive trend for the company in recent years.

Financial Highlights

While Iveco experienced a net loss in the fourth quarter, their net profit for the entire year of 2023 increased to EUR218 million from EUR147 million in 2022.