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Piaggio, profits restart in the third quarter

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Piaggio recorded consolidated revenues of 993.8 million in the nine months of 2020 (-17.2% on the same period of last year) and falling margins, but sees a recovery in the third quarter. In the nine months, Ebitda fell to 150.1 million (from 188.8 million), operating profit to 63.6 million (from 99.5 million) and net profit to 29.1 million (from 46 million). The interim dividend on 2020 ordinary dividend will be 3.7 cents per share (compared to an interim dividend in 2019 of 5.5 cents). Net financial debt improved to 444.8 million compared to 528.5 million in June due to the positive trend in sales recorded in the third quarter and the careful management of working capital.

The third quarter of 2020, compared to the third quarter of last year, was very positive and achieved better than expected results: revenues increased by 3%, the gross industrial margin by 0.5%, the EBITDA by 23%, the operating result by 59%, and the net profit marked an increase of 75%. Sales of our scooters and motorcycles worldwide have increased by 14%, underlines Roberto Colaninno, president and CEO of the Piaggio Group. In the nine months, 353,900 vehicles were sold worldwide (479,200 as of 30 June 2019) while investments amounted to 88 million (from 91.6 million).

The Piaggio board of directors resolved to distribute an advance on the 2020 ordinary dividend of 3.7 euro cents per share (against an interim dividend for 2019 of 5.5 cents) for a total amount of 13,213,618.56 euro.

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