Carraro Group, growing volumes in 2023. Good margins are expected in 2024
“We are closing another year of growth. The 2023 that we leave behind highlights the consolidation of our volumes, with a turnover exceeding 845 million Euros, but above all an important improvement in margins, with an EBITDA of 81 million Euros, up by more than 43% compared to 2022,” commented Enrico Carraro, Chairman of the Group.
A few days ago the Board of Directors of Carraro, a world leader in transmission systems for off-highway vehicles and specialized tractors, examined the draft Financial Statements for 2023.
“We are closing another year of growth. The 2023 that we leave behind highlights the consolidation of our volumes, with a turnover exceeding 845 million Euros, but above all an important improvement in margins, with an EBITDA of 81 million Euros, up by more than 43% compared to 2022,” commented Enrico Carraro, Chairman of the Group. “This is the result of an excellent team work, led by our CEO Andrea Conchetto, which brought us to grow within the Group’s reference markets thanks to a product offering in line with our customers’ expectations. In this context, our solid industrial capacity, thanks to the implementation of the important investments of recent years, allowed us to record a profitability growth that is more than proportional to the one of the turnover, achieving results of absolute importance in percentage terms compared to the history of previous years”.
“Thanks to the successes recorded in recent years, we will continue to invest significantly in 2024, reaching 50 million Euros to support the Group’s production capacity and technological development,” he concluded.
Revenues and EBITDA
Consolidated turnover as of December 31, 2023 reached 846.3 million euros, an increase of 15.8% compared to 730.8 million euros in the previous year. EBITDA at December 31, 2023 amounted to 81.1 million euros (9.6% of turnover), an increase of 43.3% compared to 56.6 million euros (7.7% of turnover) in 2022.
Both reference sectors, the agricultural one and the earthmoving one, saw some of the factors that have globally supported demand in recent years confirmed in 2023, i.e. investments in infrastructure encouraged by governments as a stimulus to their economies and the high price level of raw materials, which has facilitated investments in the renewal of new vehicles and machinery especially in the extractive sector.
Carraro Group in 2023: investments
2023 saw the Group significantly accelerate its investments to encourage the increase in production capacity necessary to support the portfolio objectives. Investments at December 31, 2023 amounted to 49.5 million euros,a significant rise compared to the 41.9 million euros at 31.12.2022.
The Group’s attention is always high in R&D activities, with the primary objective of developing increasingly efficient transmission systems and specialized tractors intended for markets with the highest potential. In particular, the financial commitment of the year in Research and Innovation is equal to 30 million euros (3.54% of turnover) in line with forecasts (in 2022 31.7 million euros, 4.16% of turnover).
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