(Reuters) -Truck and bus maker Iveco Group on Thursday trimmed its 2025 adjusted core profit (EBIT) guidance to a range between 680 million euros and 730 million euros ($793-$851 million).
The new range excludes the defence business which is set to be sold by Iveco to defence company Leonardo.
The company had previously targeted earnings of 880 million euros and 980 million euros including a contribution from the defence business.
The Turin-based firm posted a third-quarter adjusted core profit of 111 million euros, down from 183 million euros achieved in the same period last year.
In late July, Tata Motors announced an all-cash, 3.8 billion euros ($4.43 billion) deal to acquire Iveco’s trucks and bus business.
Iveco said that the sale of its defence business and Tata Motors’ tender offer were progressing according to plan.
“We concentrated our efforts on the long-term vision and stayed disciplined in how we run the business in the here-and-now: strict control on pricing, managing costs, keeping inventories tight and accelerating our efficiency programme,” chief executive Olof Persson said in a statement.
($1 = 0.8575 euros)
(Reporting by Romolo Tosiani in Gdansk; Editing by Matt Scuffham)
