Consolidated revenues of €3,757 million, up 6.7%. Net revenues of Industrial Activities of €3,671 million, up 5.8%, mainly due to positive price realisation and better mix.
Adjusted EBIT of €213 million (€112 million increase compared to Q3 2022), with a 5.7% margin (up 280 bps compared to Q3 2022). Adjusted EBIT of Industrial Activities of €180 million (€64 million in Q3 2022) and margin at 4.9% (up 310 bps compared to Q3 2022), reflecting a strong price realisation in the quarter.
Adjusted net income of €84 million (€54 million increase compared to Q3 2022). Adjusted diluted earnings per share of €0.28 (up €0.18 compared to Q3 2022).
Financial expenses of €97 million (€65 million in Q3 2022), increasing mainly as a consequence of higher interest rates and the impact of hyperinflation accounting primarily in Argentina.
Reported income tax expense of €15 million, with adjusted effective tax rate (adjusted ETR) of 28% reflecting different tax rates applied in the jurisdictions where the Group operates and some other discrete items.
Net cash of Industrial Activities at €725 million (€1,727 million at 31st December 2022). Free cash flow of Industrial Activities negative for €375 million (negative for €232 million in Q3 2022) primarily due to higher working capital absorption partially offset by positive price realisation.
Available liquidity at €3,506 million as of 30th September 2023, down €258 million from 30th June 2023, including €2,000 million of undrawn committed facilities.
SOURCE: Iveco Group