Automotive supplier Vitesco Technologies has posted a set of highly positive quarterly financial results for the third quarter, with profit strongly up. It has also confirmed its guidance for the year.

Adjusted EBIT for Q3 2023 was posted at €76.4 million (Q3 2022: €44.7 million, +71%) with an adjusted EBIT margin of 3.5 percent (Q3 2022: 2.0 percent).

That profit gain was achieved on quarterly sales of slightly down at around €2.20 billion (Q3 2022: €2.30 billion). It said the decrease in sales in the quarter was mainly due to the planned ramp down of non-core business.

Adjusted for changes in the scope of consolidation and exchange-rate effects, organic sales growth was at put at 1.1 percent. Sales in the electrification business amounted to €324 million in the third quarter of this year, an increase of around 30 percent compared to the same quarter of 2022.

The company also reported a solid order intake in Q3 2023: €2.5 billion, with electrification products accounting for around €1.5 billion. It also said total order intake of almost €7 billion in the electrification business in the first nine months of 2023.

“I can confidently say that we are well on track to reach our order intake targets this year and to achieve similarly good results in the electrification business to those reported last year,” said CEO Andreas Wolf. “We have received orders in all our key regions and across our entire electrification portfolio." Wolf adds: “More than 75 product launches this year and in 2024 confirm our attractive electrification portfolio and contribute to the enormous growth in electromobility."