Connect with us

Hi, what are you looking for?

Stock

Stellantis third-quarter revenue beats estimates despite slipping by 27%

Investing.com — Stellantis NV (BIT:STLAM) has posted a 27% drop in third-quarter revenue compared to the year-ago period as the Jeep-owner grapples with lower shipments, pricing headwinds, and bloated inventories.

However, in a call with analysts, Chief Financial Officer Doug Ostermann flagged that inventory reduction at the company behind brands like Peugeot (OTC:PUGOY) and Fiat is “running at a faster rate than expected” in the US. He now sees inventories in the country’s dealers falling by 100,000 vehicles prior to an end-of-November target.

Ostermann added that it remains “crucial” for the group to normalize its backlog of cars, particularly as it pushes to overhaul sluggish recent returns. Stellantis issued a profit warning last month due largely to weakness in its US operations.

In a note to clients, analysts at RBC Capital Markets said Stellantis’ North American business is going through a phase of both production cuts and discounting.

For the three months ended in September, revenue slipped to 33 billion euros from 45.1 billion euros a year ago, although the figure still topped estimates of 31.1 billion euros, according to a poll run by Reuters. Shipments dipped by 36% in its North America region and 17% in Europe.

Shares in Stellantis, which have shed around 40% of their value so far this year, edged higher in early European dealmaking on Thursday.

This post appeared first on investing.com







    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.



    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Editor's Pick

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

    Investing

    By Yadarisa Shabong and Maggie Fick (Reuters) -GSK on Wednesday said its vaccine sales would fall this year, after a weaker-than-expected performance for its...

    Editor's Pick

    A former deputy Palm Beach County sheriff who fled to Moscow and became one of the Kremlin’s most prolific propagandists is working directly with...

    Editor's Pick

    “And there’s very few states that benefit like you do from fracking. I mean, you have 500,000 jobs.” — Former president Donald Trump, remarks...

    Disclaimer: Greenenergystockholder.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Greenenergystockholder.com