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Piaggio Group reports first half 2024 results
Piaggio Group has reported its first-half earnings for 2024 ( 1H−24 ), with record shipments in Europe . However , slowing demand in Asia and North America led to a 15.2 % sales drop .
“ Piaggio has reported very positive margins , in line with our targets . Our product strategy is proving correct , and our brands continue to strengthen well around the world ; Moto Guzzi and Aprilia , for example , in the second quarter alone shipped a record 11,888 motorcycles in Europe ,” says Michele Colaninno , managing director and CEO of Piaggio Group .
Piaggio reported a slowdown in the first half , mainly in Asia and America . “ For the rest of the year , we expect non-euphoric ( but recovering ) markets in some regions of southeast Asia ,” Colaninno says . “ The Indian continent performed well and is expected to continue reporting improvements through 2023 .”
Colaninno says the continuing international political crises have led the company to take a prudent approach . “ Logistics and the current necessary destocking of world networks , largely as a result of regulatory
changes , could lead to increased costs . Our goal continues to be to confirm excellent margins in the second half ,” he says .
FIRST-HALF HIGHLIGHTS Consolidated net sales 990.3 million euro
( 1,167.2 €/ M at 30.06.2023 , −15.2 %). Industrial gross margin 295 million euro (€
327.8 / mln at 30.06.2023 ) 29.8 % return on net sales ( 28.1 % at
30.06.2023 )
EBITDA 173.8 million euro ( 191.2 €/ mln at 30.06.2023 ) EBITDA margin 17.5 % ( 16.4 % at 30.06.2023 )
EBIT 104.1 million euro ( 117.6 €/ mln at 30.06.2023 ). EBIT margin 10.5 % ( 10.1 % at 30.06.2023 )
Profit before tax 77.8 million euro ( 98.2 €/ mln at 30.06.2023 )
Net profit 52.1 million euro ( 64.8 €/ mln at 30.06.2023 , −19.6 %)
NFP −408 million euro ( 434 €/ mln at 31.12.2023 )
270,100 vehicles sold worldwide ( 324,600 at 30.06.2023 )
Capital expenditure 77.3 million euro ( 65.8 €/ mln in the first half of 2023 )
2024 interim dividend of 11.5 eurocents per share ( 2023 i . d . 12.5 eurocents ) Piaggio first half of 2024 key market demand . Source : Piaggio Group
HARLEY Q2
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Effective tax rate was 19 percent Paid cash dividends of $ 47 million Repurchased $ 200 million of shares ( 5.5 million shares ) on a discretionary basis Cash and cash equivalents of $ 1.8 billion at the end of the quarter
2024 FINANCIAL OUTLOOK For the full year 2024 , the company now expects HDM C revenue to be down 5 to 9 percent compared to 2023 and an operating income margin of 10.6 to 11.6 percent . For the full year 2024 , the company continues to expect : HDFS : operating income flat to up 5 percent compared to 2023 LiveWire : electric motorcycle unit sales of 1,000 to 1,500 and an operating loss of $ 105 to $ 115 million Harley-Davidson , Inc : capital investments of $ 225 to $ 250 million