(Il Sole 24 Ore Radiocor) – Revenues in the first quarter of 2023 above expectations for Stellantis and confirmation of the guidance for the full year. In the first three months, the automotive group recorded revenue growth of 14% to 47.2 billion euros, mainly thanks to the increase in deliveries and prices. Consolidated shipments increased by 7% to 1.476 million units. FactSet consensus expectations for revenues were +11% to 45.889 billion and +9% for deliveries to 1.495 million. During the same period, combined deliveries (including jv) increased 8% to 1.538 million units. Overall BEV auto deliveries increased 22% in the quarter compared to the same period a year ago.
2023 guidance and market forecasts confirmed
Even if the “macro situation is complex, we confirm the guidance for 2023” which foresees a “dougle-digit” growth in the margin on adjusted operating profit and a positive industrial free cash flow. This was stated by Richard Palmer, financial director of Stellantis, presenting the automotive group’s first quarter accounts. Stellantis 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%.
CFO Palmer: “I’m leaving the group in good shape”
For Chief Financial Officer Richard Palmer, today is the last presentation in his role at Stellantis. The group announced its exit by mid-year, after 20 years spent first at Fiat and then at FCA, before merging with PSA. “I have nothing in particular to say. Individual choices have been made. I’ve been here 20 years, I think that’s a reasonable amount of time to go elsewhere. The company is in good shape and I believe the timing is right,” he told reporters, explaining that “2023 is off to a good start for Stellantis, maintaining the momentum of an excellent 2022 and recording robust deliveries and net revenues across all segments.”
In 2023 9 new 100% electric car launches
With the presentation of the results, the automotive group confirmed the launch of 9 new 100% electric models by the end of 2023 and by the end of 2024 the total BEV car offer will reach 47. As of March 31, 2023, the total stocks of new cars reached 1.302 million units “reflecting a return to normal stock levels,” Palmer explained, including 384,000 units of the group’s cars. As regards the dividend of 1.34 euros approved by the shareholders’ meeting, it will be paid on May 4 to the shareholders. Finally, the first tranche of 500 million euros of the 1.5 billion buyback program should be completed by June 2023.
Revenue growth in all geographic areas
Looking at the results of the various geographical areas, in North America deliveries rose by 6% to 509,000 units and revenues by 10% to 22.772 billion euros. In the Wider Europe area, deliveries increased by 6% to 657 thousand units, and revenues by 10% to 16.106 billion euros. In the Middle East and Africa area, consolidated deliveries increased by 24% to 83 thousand units, with revenues growing by 55% to 2.166 billion. In South America, deliveries increased 10% to 191,000 units with revenues up 20% to €3.523 billion. Finally, in the China, India and Asia Pacific area, consolidated deliveries increased by 4% to 28 thousand units, with revenues growing by 5% to 981 million euros.