Q4 21 operating margin was broadly in line as sales beat consensus on the back of higher pricing and higher deliveries and margins were below estimates due to headwinds on the cost side. The reopening of the order book pumped the truck order intake but management keeps on its lead time containment strategy entering 2022. Extra dividend was expected higher. Investment needs to prevent a too fast increase in short-term shareholder returns.

31 Jan 2022
FY21 results: flexibility has a cost

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FY21 results: flexibility has a cost
- Published:
31 Jan 2022 -
Author:
Valentin Mory -
Pages:
3 -
Q4 21 operating margin was broadly in line as sales beat consensus on the back of higher pricing and higher deliveries and margins were below estimates due to headwinds on the cost side. The reopening of the order book pumped the truck order intake but management keeps on its lead time containment strategy entering 2022. Extra dividend was expected higher. Investment needs to prevent a too fast increase in short-term shareholder returns.