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Italy’s Iveco ups 2023 guidance after operating profit jump
Global Banking and Finance Review
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(Reuters) – Italian truckmaker Iveco on Thursday raised its guidance for this year, after posting a 63.4% rise in adjusted operating profits in the first quarter.
(Reuters) – Italian truckmaker Iveco on Thursday raised its guidance for this year, after posting a 63.4% rise in adjusted operating profits in the first quarter.
The manufacturer said its adjusted earnings before interest and tax (EBIT) from industrial activities would come in between 510-550 million euros ($561.41-$605.44 million) this year, up from a previous forecast of between 460-500 million euros.
Its EBIT from industrial activities stood at 134 million euros in the January to March period.
($1 = 0.9084 euros)
(Reporting by Federica Urso, editing by Gavin Jones)
EBIT stands for Earnings Before Interest and Taxes. It is a measure of a firm's profitability that excludes interest and income tax expenses, providing insight into operational performance.
Adjusted operating profit is a measure of profitability that has been modified to exclude certain one-time or non-recurring expenses, providing a clearer view of ongoing operational performance.
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