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Vespa maker Piaggio misses FY consensus on EBITDA after drop in sales

Reuters
·1-min read
Vespa scooters are seen at the Piaggio Museum during the celebrations to mark the 50th anniversary of Vespa Primavera in Pontedera

(Reuters) - Italy's Piaggio, producer of the iconic Vespa scooter, on Monday posted falling sales and income just below forecast as it presented its 2023 results.

Consolidated net sales stood at 1.99 billion euros ($2.16 billion), down from 2.09 billion euros in 2022, while earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to 325 million euros.

The EBITDA figure was slightly below the 329 million-euro company provided consensus, but was also up 9% from a year earlier.

The scooter and motorbike maker proposed to pay a final dividend of 0.08 euro per share for a total of 0.205 euro per share in 2023.

Shares in the company traded 3.3% lower after the publication of the results. ($1 = 0.9213 euros)

(Reporting by Philippe Leroy Beaulieu, editing by Alvise Armellini)