Piaggio Sales, Profits Up
November 15, 2005
Filed under Uncategorized
Italy's Piaggio & C. S.p.A., reported net sales of € 1,164.2 million for the nine-month period ended September 30, 2005, up 5.9% compared to sales of € 1,099.8 million for the same period last year.
Company officials said sales growth was helped by a recovery of Aprilia, Moto Guzzi and Vespa brands; a boost in U.S. sales; continued growth in light transport vehicles (LTV) both in Europe and India; and further efficiency gains within the organization. Aprilia had sales growth of 8% during the nine-month period, Moto Guzzi posted sales growth of around 46%, and Vespa sales were up 54%. Sales for Piaggio USA were up 44.8% during the nine-month period.
The company says the first nine months of 2005 ended with consolidated net profit of € 64.5 million, up from a loss of € 64.7 million in the prior year period. Net debt as of September 30, 2005, was € 408.9 million, down from € 521.3 million at the end of 2004.
Piaggio officials are planning the first ever Piaggio Group Dealer Convention for November 18 in Denver. In attendance will be Roberto Colaninno, Piaggio Group Chairman; Rocco Sabelli, Piaggio Group CEO; Paolo Timoni, Piaggio USA President; Federico Musi, Piaggio USA Vice President of Marketing; and Gary Pietruszewski, Piaggio USA Vice President of Sales & Dealer Development.