Not to be left out of the 2013 EICMA show announcements, Moto Guzzi has announced its changes for the three models that make up the V7 line. Known for their 1970s-inspired style, the V7s are built, according to Moto Guzzi press materials, “to three fundamental pillars: the 90° transverse V-twin, the timeless double cradle frame […]
Piaggio Reports Q3 2011 Results
Piaggio announced a net profit of 46.3 million euros (US$63.3 million) over the first nine months of 2011. That represents a slight dip from the 46.7 million euros (US$63.8 million) over the same period of 2010, but still respectable numbers in the face of a shrinking market for motorcycles in Europe.
The decrease in profit comes despite a 2.0% increase in net sales, with Piaggio taking in 1.20 billion euros (US$1.64 billion) over the first three quarters. Piaggio also cited restructuring expenses and exchange rate effects as reasons for the 0.8% decrease in profit.
Piaggio shipped 512,200 vehicles (including motorcycles, scooters as well as commercial vehicles) over the first nine months of 2011, a 3.7% increase from the 493,700 units shipped over the same period in 2010.
Looking specifically at its two-wheeled business, Piaggio declared itself the leader for the European scooter market claiming a 27.5% market share. Motorcycle sales were buoyed by increased Moto Guzzi sales (at last month’s Guzzi World Days, Piaggio CEO Roberto Colannino claimed a31% increase in unit sales over the first eight months). In comparison, the scooter market for Europe, the Middle East and Africa (EMEA) was down 10.8% over the first three quarters while demand for motorcycles dropped 7.1%.
In North America, Piaggio reports sales of 8,700 units, a 91% increase from 2010, and 30 million euro (US$41 million) in revenue.
Piaggio also reports increased sales in Asia with shipments of 67,800 units, a 61% increase from 2010. Revenues were also up 30.9% with Asian sales generating 121.7 million euros (US$166 million). Piaggio is still relatively new to the region, but is making gains thanks to its new production facility in Vietnam which recently produced its 100,000th Vespa scooter.