Fiat Chrysler Parent Stellantis Takes 17% Revenue Hit In 2024, Operating Cash Flow Shrinks

Italian automobile major Stellantis NV STLA stock is trading lower on Wednesday after it reported its full-year 2024 earnings.

The Fiat Chrysler parent reported a 17% year-on-year revenue decline to 156.9 billion Euros ($164.7 billion) in FY24.

North America shipments were down 25% due to reduced production and revenues fell 27%, primarily due to lower volumes from discontinued models of Dodge Charger and Challenger, Chrysler 300, and Jeep Cherokee and Renegade.

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Enlarged Europe shipments dropped 8%, driven by a reduction in dealer stock from H1 ’24, as well as production losses due to the delayed launch of vehicles utilizing the Smart Car platform. Revenue decreased 11%.

Adjusted operating income dived 64% to 8.64 billion euros, and the adjusted operating income margin contracted 730 basis points to 5.5%.

Net profit for the year plunged 70% to 5.520 billion euros, with a 61% drop in adjusted EPS to 2.48 euros.

Total inventories on December 31, 2024, were 18% or 268 thousand units lower Y/Y, including a 20% drop in U.S. dealer stock to 304 thousand units, surpassing the previously communicated target of 330 thousand units.

Operating cash flow for the twelve months totaled 4 billion euros, down from 22.48 billion euros. Stellantis plans to pay a dividend of 68 cents per common share, pending shareholder approval.

The company held 34.1 billion euros in cash and equivalents as of December 31. Stellantis said the process to appoint the new permanent Chief Executive Officer is well underway and will be concluded within the first half of 2025.

“While 2024 was a year of stark contrasts for the company, with results falling short of our potential, we achieved important strategic milestones. Notably, we began the rollout of new multi-energy platforms and products, which continues in 2025, started production of EV batteries through our JVs, and launched the Leapmotor International partnership,” said Chairman John Elkann.

Outlook: For FY25, Stellantis sees positive net revenue growth and industrial free cash flows. The company anticipates FY25 adjusted operating income margin in the mid-single digits.

Price Action: At the last check on Wednesday, STLA shares were trading lower by 3.67% to $13.52.

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