Results for the third quarter of 2018 examined by the BoD
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.”