Iveco slips after weaker-than-expected Q1

Shares in Iveco IVG.MI fall as much as 7.4% after the Italian truck and bus maker reported a worse than expected 42% drop in Q1 adjusted operating profit of its industrial activities

Brokerage Equita describes the results as "weaker than expected"

According to J.P.Morgan, the quarter was marked by lower industry demand levels across European truck segments, with the Truck division missing estimates by around 30%

However, J.P.Morgan adds that the bus and defence segments saw continuous margin improvement on the back of strong order books and favourable industry trends

By 0754 GMT the stock pares some losses and is trading down 4.3%

Up to the Wednesday's close, Iveco's stock was up 74%​ YTD