Piaggio Reports Q3 2012 Results
The Piaggio Group reported a 9.1% decrease in net sales over the first nine months of 2012 compared to the same period in 2011, thanks in large part to a strong decline in the European market for two-wheelers.
According to Piaggio‘s third quarter 2012 report, the Italian manufacturer recorded 706.3 million euros (US$913.8 million) in motorcycle and scooter sales, compared to 777.2 million in sales over the same period of 2011.
The Piaggio Group, which also includes the brands Aprilia, Moto Guzzi, Vespa and other brands, sold 321,300 motorcycles and scooters in the first nine months of 2012, a year-on-year decrease of 3.5% from 2011. Vespa alone accounted for 37.7% of all unit sales with consumers picking up 121,000 units. Moto Guzzi also saw a 13.7% improvement with sales of 5,400 units compared to 4,800 units in 2011. Piaggio also reported an unspecified boost in sport bike sales from its Aprilia brand.
A bulk of the decrease in demand is a result of the continuing struggles of the European market. Piaggio did not specify how much its sales declined in Europe, though it did note an overall 12.8% decrease in scooter demand and 11.7% drop-off for motorcycles. Despite the declining sales, Piaggio maintains its market share lead in Europe, claiming 19.8% of the total market and 28.2% of scooters.
The news was more positive outside of Europe however. In North America, Piaggio saw a 108.0% increase in net sales and a 42.8% increase in unit sales to claim a 25% share of the U.S. scooter market. The numbers were also positive in the Pacific Asian market, with Piaggio reporting a 15.0% increase in unit sales and 20.2% increase in revenue.
Overall, Piaggio reported a net profit of 44.4 million euros (US$57.4 million) in the first three quarters of 2012, a decrease from a profit of 47.1 million euros ((US$60.9 million) reported in the same period of 2011.