Stellantis closes another record six-month period, beats analyst forecasts and confirms guidance. In the first six months of the year the automaker recorded Net revenues equal to 98,4 billion euros, up 12% compared to the first half of 2022, thanks above all to higher deliveries.
Il Operating income adjusted was 14,1 billion euros, up 11% compared to the first half of 2022, with a margin of 14,4% and theNet income grew by 37% compared to the first half of 2022.
“Our outstanding performance in the first half of this year supports our long-term sustainability and our ability to deliver on the ambitious goals of the Dare Forward 2030 plan” commented the CEO Carlos Tavares, "given the record results we are having, we can say that it is the right plan". At Piazza Affari, the share is priced at 17,09 euros, up 1,81%. In the last 5 days, pending the data, it has accumulated an increase of 3,66%.
Earnings margin balance at 14,4%
Contributing to the growth (by 12%) of the turnover were mainly the more car deliveries, which rose to 3,3 million in the semester, says a note from the automaker. L'Net income was 10,9 billion (+37%) compared to the first half of 2022 and adjusted operating income also grew by 11% to 14,1 billion euros, with a margin that remained at 14,4% ( from 14,5% in the first quarter of last year). “This margin figure is indicative of Stellantis' strength,” explained Tavares, “because it measures the effectiveness and resilience of our business model and should be compared with the margins declared by our competitors in the first half: for example Tesla has dropped to 10% and GM to 8%”.
Bev sales grow 24%
Il cash flow net industrial amounted to 8,7 billion euros, an increase of 3,3 billion euros compared to the first half of 2022. The record results, according to the company's note, allow the group to continue with its strategic investments aimed at pursuing a sustainable path of transformation towardszero emissions net carbon. The global sales of Bev (battery powered) e Live (low emission vehicles) are up, year on year, respectively by 24% to 169 units and 28% to 315 units. Stellantis ranked third in the EU30 market by total Bev sales and second in the US market by Lev sales.
2023 guidance confirmed
Stellantis confirms the guidance for 2023 with a double-digit adjusted operating margin and positive industrial free cash flow. The group announces that it has acquired treasury shares for 0,7 billion euros in the first half of 2023 and expects to complete the share buyback program for 1,5 billion euros by the end of 2023.
Tavares: logistics problems under resolution
“It takes a united effort and an open mind from all our people to face the transformation journey without compromise and at the same time protect the company from external challenges, but we are well positioned for the remainder of 2023 and beyond” he continues Tavares, adding in the call that “Stellantis is close to resolving i logistics problems which in the past months have slowed down the delivery of cars in Europe: logistics is a European problem, not in other parts of the world. We are 95% problem solved. It is now only a French problem”.
Auto market: prospects for EMEA are improving
Stellantis in presenting the accounts for the first half of 2023 also provided data on car market. In Europe, the Middle East and Africa, auto market prospects have improved slightly, he said. According to new estimates, in the Greater Europe area the car market in 2023 will grow by 7% compared to 2022 (the previous estimate was +5%). Same forecasts for the Middle East and Africa (+7% in 2023 from +5%). The estimates for the other geographical areas remain unchanged: North America +5%, South America +3%, India and Asia Pacific +5%, China +2%.
