* Expects FY industrial adj EBIT at 770-820 mln euros

* Industrial revenue expected to fall 5% in 2024

* Proposes divided of 0.22 euros/shr

* Announces share buyback up to 130 mln euros

MILAN, Feb 9 (Reuters) - Shares in truck and bus maker Iveco rose by as much as 10% on Friday after strong pricing helped the company's fourth quarter results to beat forecasts and it said it would pay almost 190 million euros ($205 million) in cash to investors.

The Italian manufacturer said in a statement its adjusted earnings before interest and taxes (EBIT) from industrial activity rose by 27% in the October-December period to 238 million euros, exceeding a company-provided consensus of 220 million euros.

Milan-listed shares in the company were up 7.4% by 0900 GMT.

The group, which will hold a capital markets day on March 14, proposed a 0.22 euro a share dividend on its 2023 earnings, for a total of around 59 million euros. It will be the first dividend for Iveco, which was spun-off from CNH Industrial in early 2022.

It also proposed a share buyback programme of up to 130 million euros, "subject to market and business conditions".

The programme replaces the existing one that expires in October. It will last 18 months and will be funded through the company's liquidity, Iveco said.

In its first set of forecasts for this year's results, Iveco offered a cautious outlook. JP Morgan analysts said, however, that the projection on 2024 operating income was ahead of market expectations and that fourth quarter results were solid.

The company said it expected its adjusted EBIT from industrial activity to be between 770 million and 820 million euros, versus a 818 million euro result in 2023.

It also forecast a decrease of around 5% in annual net revenue from industrial activity.

"We expect our diversified set of businesses to counterbalance the challenging industry environment forecast for 2024, delivering EBIT and cash flow results on a comparable level as in 2023," Chief Executive Officer Gerrit Marx said.

($1 = 0.9283 euros) (Reporting by Federica Urso in Gdansk and Giulio Piovaccari in Milan; Editing by Gavin Jones, Christopher Cushing and Barbara Lewis)