Vitesco increases revenue and operating profit

Supplier Vitesco increases revenue and operating profit

2024-02-23 From Claus-Peter Köth 1 min Reading Time

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The automotive supplier Vitesco achieved a preliminary adjusted profit of 341.1 million euros for the full year 2023 – about half more than the previous year.

Vitesco Technologies successfully concludes the fiscal year 2023 according to preliminary figures.(Image: Vitesco Technologies) — Vitesco Technologies successfully concludes the fiscal year 2023 according to preliminary figures.
(Image: Vitesco Technologies)

Vitesco Technologies has released the preliminary figures for the fiscal year 2023. According to these figures, the supplier increased its group revenue to 9.23 billion euros. In 2022, it was 9.07 billion euros. Adjusted for consolidation and currency exchange fluctuations, the revenue growth was 4.4 percent according to the announcement. Vitesco's core business even grew by 12.2 percent.

CEO Andreas Wolf expressed satisfaction: "Despite global challenges, the fiscal year 2023 proves to be successful and forms a solid foundation for the coming years."

In the electrification components segment, the supplier achieved a revenue of about 1.3 billion euros, compared to 1.1 billion euros in 2022. The reason for the less significant increase is attributed to the short-term downturn in the market in the 4th quarter of 2023; numerous project ramp-ups could not compensate for this.

Twelve billion euros in order intake

The adjusted operating result amounted to 341.1 million euros, in 2022 it was 225.5 million euros). With an adjusted EBIT margin of 3.7 percent (2022: 2.5 percent), the group was significantly above the forecasted range of 2.9 to 3.4 percent, according to the announcement, due to the improved operational performance.

Furthermore, Vitesco recorded a total order intake of over twelve billion euros in the fiscal year 2023. In 2022, it was 14 billion euros. Of this, about 8.3 billion euros were for components for electrified vehicles (2022: 10.4 billion euros).

"With an order backlog of significantly more than 30 billion euros in the electrification sector, we are starting successfully and well positioned for the future," said CEO Andreas Wolf.

Vitesco Technologies aims to provide a comprehensive overview of the group's development in the past fiscal year 2023 and the forecast for the current fiscal year 2024 at the financial press conference on March 14, 2024.

Merger with Schaeffler

Vitesco is on the verge of merging with Schaeffler. At the end of April, general meetings of Schaeffler and Vitesco are expected to decide on the merger.

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