Vitesco Technologies announces Q3-22 results

NL Correspondent
Jammu Tawi: Vitesco Technologies, a leading international developer and manufacturer of state-of-the-art power train
technologies for sustainable mobility, today announced its third quarter 2022 results. Group sales in the third quarter came in at
€2.30 billion (Q3 2021: €1.91 billion). Adjusted for changes in the scope of consolidation and exchange-rate effects, sales
increased by 13.6 percent. Electrification sales amounted to €230 million in the third quarter. “We are thus on track to achieve the
targeted €1 billion in electrification sales for the full year 2022,” says CEO Andreas Wolf. Adjusted operating profit increased year-
on-year to €47.9 million (Q3 2021: €24.5 million), corresponding to an adjustedEBIT margin of 2.1 percent (Q3 2021: 1.3 percent).
The net income increased to
¬ €13.8 million (Q3 2021: -€91.5 million) and to earnings per share of  €0.34 (Q3 2021: -€2.29),respectively.
Due in particular to the further build-up of inventories, free cash flowwas slightly negative at -€16.3 million. A significant
improvement was achieved compared to the prior-year quarter (Q3 2021: -€213.2 million). However, the previous year was also
significantly influenced by spin-off effects. Vitesco Technologies has a solid balance sheet as of September 30,2022, with an equity
ratio of 40.7 percent (September 30, 2021: 37.1 percent).
“In the third quarter of 2022, high inflationary effects in the form of increased material, energy, and transport costs,
among other factors, continued to impact the company's overall results,” notes CFO Werner Volz.