Day of quarterly on the stock market this Thursday 28 October: from Stellantis to Saipem, from Unicredit to Telecom the accounts of the big companies are preparing to ignite the lists. The economic moment is extremely difficult, between the recovery after the obstacle pandemic and the semiconductor crisis. And so if Stellantis sees revenues for the quarter fall by 14%, Saipem closes the first nine months of the year with a negative gross operating margin of 291 million.
Stellantis, -27% on deliveries
The Stellantis group carried out, in the third quarter, one million and 131 thousand deliveries, down by 27% compared to the same period of 2020 (pro-forma) with the loss of about 600 thousand units, equal to about 30% of the planned production of the third quarter 2021, due to backlog of semiconductors. Net revenues of 32.6 billion euros, down 14% compared to the third quarter of 2020. The automotive multinational confirms the guidance for the whole of 2021. The estimate is an adjusted operating margin of around 10%. The forecast “assumes that there is no further deterioration in semiconductor supplies and that there are no further lockdowns in Europe and the United States.” The company has reviewed the market prospects for the entire year in the areas in which it operates compared to the first half of 2021: North America at + 5% from + 10%; South America + 15% from + 20%; enlarged Europe to + 5% from + 10% and the Middle East and Africa to + 20% from + 15%; while India and Asia Pacific with + 10% and China with + 5% remain unchanged.
“Stellantis’ net revenues in the third quarter reflect the successful combination of recent vehicle launches, which include new electrified offerings, with major commercial and industrial initiatives undertaken by our teams in response to backlog of semiconductors. The guidance for the whole year is therefore confirmed, despite the persistence of poor visibility on the procurement of components ». Thus Richard Palmer, CFO of Stellantis comments on the results achieved by the group in the third quarter of the year.
Volkswagen pays the chip effect: profit -12%
German auto group Volkswagen reported a 12% drop in operating profit to 2.8 billion in the third quarter of 2021, due to the global shortage of semiconductors. The company announced this by communicating the quarterly data. Car sales also fell by 24% compared to an already weak third quarter of 2020, hit by the Covid-19 pandemic, leading to a drop in forecasts for 2021. The Chinese market was “particularly hit” by the lack of components and high customer demand “was not met,” the German group said. “After a record result in the first half of the year, the bottlenecks in semiconductor supply in the third quarter have made it abundantly clear to us that we are not yet resilient enough,” said Chief Financial Officer Arno Antlitz. Due to the shortage, the group, which has outlined an ambitious roadmap to become the world leader in electric vehicle (EV) sales, now expects deliveries in 2021 to be in line with the previous year, while in the quarter. previous years were expected to increase.
St doubles the profit for the quarter
StMicroelectronics closed the third quarter with profits up by 95.6% and revenues up by 19.9%, thanks in particular to strong global demand and despite “lower than expected revenues in the automotive sector, caused by a reduction in activities more marked than expectations in the production plant in Malaysia, due to the pandemic », as explained by the managing director Jean-Marc Chery. In the three months to October 2, the semiconductor group reported net income of $ 474 million, $ 0.51 per share, up from $ 242 million, $ 0.26 per share, for the same period last year. Net revenues amounted to € 3.197 billion. Banca Akros analysts had forecast a net profit of 490 million with revenues of 3.23 billion (the consensus on revenues was 3.2 billion). Gross margin stood at 41.6% (36% in Q3 2020 and 40.5% in Q2 2021), while operating margin rose to 18.9% (12.3% last year) . “Net revenues for the third quarter were broadly at the mid-point of our forecast range of activities, up 6.9% quarter-on-quarter and 19.9% year-over-year. Revenue performance was driven by strong global demand and ongoing programs with our customers in Personal Electronics, ”said Chery.