Skip to site menu Skip to page content

Daily Newsletter

14 November 2023

Daily Newsletter

14 November 2023

Vitesco Technologies posts 71% gain to quarterly operating profit

Vitesco’s adjusted EBIT margin was also up to 3.5 percent in Q3 (Q3 2022: 2.0 percent)

David Leggett November 14 2023

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."

Smart parking market expected to grow at a CAGR of 13.2% by 2030

Urbanization and population growth are the major drivers of the smart parking market as they have a significant impact on parking demand, traffic congestion, and the need for efficient urban infrastructure. Smart parking systems assist in optimizing the use of current parking facilities by providing real-time information on available spaces and decreasing the time and effort spent looking for parking. Automated parking systems and automobile stacking technologies optimize land usage by requiring less space for the same number of parked vehicles.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close