Results for the third quarter of 2018 examined by the BoD

26 October 2018

Turnover is up thanks to the positive performance of Asian  and North American markets, in particular in the Construction Equipment  industry area, with a slowdown in Central Europe. 

Profits for the quarter were affected by a lack of efficiency  due to adjustments made to the supply chain and the start up of the new  logistics hub in Poggiofiorito, which recovered towards the end of the  year. 

Strong acceleration in the R&D programmes: increased  investments to develop new ranges of specialised tractors. The first  hybrid tractor in the world for vineyards and fruit-farms will be presented at the EIMA trade fair. 

  • Cumulative consolidated turnover as at 30 September amounted to  €467.9 million, up 3.8% on the figure as at 30 September 2017 (€450.8  million). 

  • Cumulative adjusted EBITDA as at 30 September amounted to €36.9  million (7.9% of turnover), down by 14.2% compared to €43 million in the  same period of 2017. 

  • Net financial position of operations as at 30 September 2018 was a  negative €180.7 million, growing compared to the figure of €155 million  as at 30 September 2017. 

“Even though there was a good performance in the main markets,  especially Asia and North America, as at 30 September, profits were  down, mainly due to the lack of efficiency in the supply chain and to  the start-up of a new logistics hub that meant that some orders for  spare parts were not filled,” said Enrico Carraro, Group Chairman. “On  the basis of the good prospects for the upcoming year, we have  accelerated investments in R&D while simultaneously expanding  production capacity in our factories to make them more efficient in  handling the new volumes we expect.”

Last update: 21 April 2019