In the first quarter the revenues of stellantis exceeded expectations, but the title however, it recorded one of the worst performances of the Ftse Mib, dropping 2% at 14,43 euros per share. The group is also down on the Paris Stock Exchange, where Stellantis shares lose 1,68%.
Stellantis: revenues up 14%, deliveries up 7%
In the first three months of 2023, the French-Italian automotive giant registered revenues equal to 47,2 billion euros, an increase of 14% thanks above all to the growth in deliveries and prices. The result has exceeded expectations of the FactSet consensus which expected revenues of 45,889 billion (+11%).
Le consolidated deliveries in fact, those rose by 7% to 1,476 million units Multi-function rooms (including jv) increased 8% to 1,538 million units. In this case the result is below expectations (+9% to 1,495 million units). Especially noteworthy is the electric car boom, whose deliveries grew by 22% compared to the first quarter of 2022. In this context, Stellantis confirmed the launch of 9 new models by the end of 2023 and by the end of 2024 the total BEV car supply will reach 47 vehicles.
As of March 31, 2023, the total stock of new cars they reached 1,302 million units, "reflecting a return to normal levels of stocks", underlines the company, including 384 units of group cars.
The company will pay tomorrow, Thursday 4 May, the dividend of €1,34 detached on 24 April. Finally, the first tranche of 500 million euros of the programme 1,5 billion buyback should be completed by June 2023.
Deliveries up 24% in Africa and the Middle East, concerns about North America
Looking at the results of the different geographical areas, in North America deliveries rose by 6% to 509 units and revenues by 10% to 22,772 billion euros, while in the area Enlarged Europe, deliveries increased by 6% to 657 thousand units and revenues by 10% to 16,106 billion euros.
In the area Middle East and Africa, the increase in deliveries was equal to 24% (83 thousand units), while that of revenues was 55% to 2,166 billion.
Moving forward, in South America deliveries rose by 10% to 191 thousand units and revenues by 20% to 3,523 billion euros. Finally, in the area China, India and Asia Pacific, consolidated deliveries increased by 4% to 28 thousand units', with revenues growing by 5% to 981 million euros.
"2023 is off to a good start for Stellantis, maintaining the momentum of an excellent 2022 and posting robust deliveries and net revenues across all segments,” said Stellantis Chief Financial Officer, Richard Palmer, commenting on the first quarter accounts. “Our global presence and diversified product portfolio mean we are well positioned to continue to deliver a strong financial performance throughout the year,” he added, indicating that “We will be adding nine new battery electric vehicles to our product offering this year, continuing our journey to deliver clean, safe and affordable mobility for all.”
Palmer further explained that the increase in deliveries of Stellantis in the first quarter of 2023 reflects the increased production capacity, thanks to the improvement of the chip shortage situation. “Better semiconductor order fulfillment is slowly but surely improving our ability to produce vehicles,” the chief financial officer said, adding that the logistics problems experienced in Europe are also gradually being resolved. “We have a strong order book in Europe. The situation from the logistics point of view is improving”.
Registrations +23% in April
In April 2023, registrations of the Stellantis group in Italy rose, but slightly less than the market, reducing the group's market share. According to the analysis of Dataforce, in the month just ended the automaker has 42.791 units registered, up 23,4% compared to 34.663 a year ago. The market share in April 2023 stood at 34,1%, against 35,6% in April 2022.
As regards the first four months of the year (January-April), registrations of Stellantis totaled 186.918 units, up 17,7% from 158.742 in the same period a year ago. The market share in the first four months of 2023 is 33,9%, against 36,4% in the first four months of 2022.
Speaking of singles brands, in April according to data from the Ministry of Infrastructure and Transport, Alfa Romeo registered 2.380 cars (+155,09%), Jeep 6.025 units (+45,74%), Citroen/DS 3.659 (-14,09% ), Fiat 15.359 units (+5,16%) with the share down to 12,21% confirming its position as the leading brand in Italy, Lancia 3.721 (+35,65%), Opel 4.070 units (+17,12%) and Peugeot 7.622 units (+74,70%). As for Maserati, in April it recorded 324 registrations (+205,66%).
In the first four months of 2023, Alfa Romeo registered 8.914 cars (+188,48%), Jeep 26.842 units (+51,05%), Citroen/DS 22.252 units (+5,98%), Fiat 65.979 units (+ 5,91%) with a share that fell to 11,91%, confirming itself again in the first four months of the year as the leading brand in Italy, Lancia 14.819 (+9,7%), Opel 18.181 units (+12,89%) and Peugeot 29.884 units (+21,8 .1.375%). Finally, in the first four months of the year, Maserati recorded 191,93 registrations (+XNUMX%).
Stellantis confirms 2023 guidance
Stellantis confirmed its 2023 guidance it expects double-digit growth of the margin on adjusted operating profit and a positive industrial free cash flow. The company also confirmed the forecasts on the trend of the global car market for 2023: for North America the expectation is +5%, as for Wider Europe, the Middle East and Africa area and the India and Asia Pacific area. For South America the expectation is +3% and for China +2%.
According to Intermonte analysts, “first quarter revenues were slightly higher than expectations thanks to higher 'other revenues' (Comau, Teksid, Mobility service), while auto revenues were substantially in line with expectations and as regards the confirmation of the guidance note that its value is limited”.
Akros Bank raises the pricing issue in North America. The area is the most profitable for the automotive group and according to estimates by Banca Akros it saw a 0,7% year-on-year drop in average sales prices in the quarter: this is the first minus sign since the first quarter of 2013. on North America may raise doubts about the sustainability of the margins of this important area which in 2022 generated 60% of the operating margin”, write the analysts.
