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.