MILAN Italian truck and bus maker Iveco Group on Wednesday raised its 2023 guidance for the third time this year, after it posted a rise in third-quarter adjusted operating profit reflecting a strong price realisation.
The manufacturer said its adjusted earnings before interest and tax (EBIT) from industrial activities would come in between 770-800 million euros ($814-845 million) this year, up from an already improved previous forecast of 650-700 million euros.
In the third quarter, Iveco's adjusted EBIT from industrial activities stood at 180 million euros, up 181% from a year earlier and higher than a company-provided analysts' consensus of 164 million euros.
Revenues from industrial activities rose 5.8% in the quarter to 3.67 billion euros due to positive price realisation and better mix.
($1 = 0.9463 euros)
(Reporting by Giulio Piovaccari and Alessandro Parodi; editing by Milla Nissi)
