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Traton (Baa2/BBB): FY23 Results

CONSUMER CYCLICALS

Firm results and encouraging outlook. Small positive for spreads. Follows strong results from Daimler Truck on Friday.


  • 4Q revenue and adj. operating income were both +6% better than expected.
  • Cash flow looks good with CFO in line and capex lower than expected, although analyst estimates are light here.
  • FY24 forecast for revenue and operating margins are better than expected. Cash flow range is within expectations, but mid-point is below consensus.
  • Call 08.00 CET https://online-events.techcast.cloud/en/traton/annual-results-conference-2024

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