The automotive supplier Vitesco improved its profitability more significantly last year than it had predicted, but recorded a decline in incoming orders in the electromobility sector.
As the company, which is being taken over by Schaeffler AG, announced, according to preliminary figures, sales climbed to 9.23 billion from 9.07 billion euros. The adjusted EBIT margin reached 3.7 after 2.5 percent in the previous year. Vitesco had forecast a range of 2.9 to 3.4 percent.
“Despite global challenges, the 2023 financial year is proving to be successful and forms a solid basis for the next few years,” CEO Andreas Wolf is quoted in the statement.
According to further information, Vitesco achieved total order intake of over 12 billion euros in 2023 (2022: 14 billion euros). Of this, around 8.3 billion euros went to components for electrified vehicles (2022: 10.4 billion euros).
The company plans to present the detailed figures for 2023 at the annual press conference on March 14, 2024.
In Friday trading, Vitesco’s shares on XETRA temporarily rose by 1.22 percent to 83.25 euros.
FRANKFURT (Dow Jones)
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