Stellantis beats estimates on revenues (+14%) and deliveries (+7%), but slips on the stock exchange in Milan and Paris – Corriere.it

Stellantis’ revenues obtained in the first quarter of the year exceed estimates: the automotive group reaches 47.2 billion (+14%), thanks to the growth in deliveries and favorable prices. Says CFO Richard Palmer: Better semiconductor order fulfillment is slowly but surely improving our ability to produce vehicles. So he adds: We have a strong order book in Europe. The logistics situation is improving. FactSet census forecasts had revenues at $45.889 billion and an 11% increase. Consolidated deliveries up 7% (estimates would have been 9%) reach 476 thousand, mainly due to the improvement in chip supplies.

Down on the stock exchange

If we divide the results of deliveries and revenues by geographical area, only the plus sign emerges. The increases are in North America (509 thousand units and 22.772 billion), wider Europe (657 thousand units and 16.106 billion), the Middle East and Africa (83 thousand units and 2.166 billion), South America (191 thousand units and 3.523 billion). But also in the China, India and Asia Pacific area (28 thousand units and 981 million euros). Yet this morning on the Stock Exchange Stellantis shares lost 2.12% to 14.426 euros in Milan, posting the worst performance of the Ftse Mib (+1.15%). The group also declined on the Paris Stock Exchange, where Stellantis shares lost 1.68%, following the Cac40 (+0.56%). It is precisely in North America that analysts raise the question of prices. The area is the most profitable for the automotive group and according to estimates by Banca Akros in the quarter saw a 0.7% annual drop in average selling prices: this is the first minus sign since the first quarter of 2013.

The offer of 47 electrified models

For Stellantis, electric car sales remain a global priority. In 2023 the German holding aims to launch nine battery electric vehicles to reach a total offer of 47 electrified models by the end of next year. The push for electrification in North America is proceeding rapidly, underlined by the unveiling of the full-electric Ram 1500 Rev at the New York International Auto Show. Jeep Avenger, the brand’s first BEV, was elected European Car of the Year 2023 and was recognized as the World’s Best Family SUV in 2023 by the Women’s World Car of the Year Awards. As of March 31, 2023, the total stock of new vehicles is 1,302,000 units. It means that the group is approaching a return to normal operating levels. The ordinary dividend of 1.34 euro per share (last year it was 1.04) approved by the shareholders’ meeting will be paid on Thursday 4 May.