On Tuesday, Stellantis reported lower-than-consensus sales for the first quarter, while confirming its full-year targets.
This morning, the automaker reported net sales of 41.7 billion euros for the first three months of the year, down 12% year-on-year.
By way of comparison, the consensus was for a figure of around 43.5 billion euros.
In a press release, Stellantis explains that it suffered from lower sales volume, down 10% to 1.33 million units, as well as unfavorable mix and currency effects.
The company nevertheless renewed its commitment to achieving a minimum double-digit operating income from ordinary activities by 2024, as well as positive industrial free cash flow despite the current macroeconomic uncertainties.
Its €3 billion share buyback program is also on track for completion in 2024.
Following this publication, Stellantis shares were down by just over 1% in early trading on Tuesday on the Paris Bourse.
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Stellantis N.V. is one of the world's leading car manufacturers. The activity is essentially organized around 4 sectors:
- sales of passenger cars and light commercial vehicles: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys brands;
- sale of luxury vehicles: Maserati and DS Automobiles brands;
- sale of automotive equipment: interior systems, car seats, car exteriors, emission control systems, etc.;
- other: sales financing services (purchase, rental, leasing, etc.), after-sales services, etc.; - other: sales financing services (purchase, rental, leasing, etc.).
Net sales are distributed geographically as follows: the Netherlands (0.8%), North America (46.7%), France (9.5%), Brazil (7.3%), Italy (6.2%), Germany (5.5%), the United Kingdom (4.4%), China (0.6%) and other (19%).