Stellantis Posts 12% Revenue Growth In 1H Aided By Higher Shipments

Stellantis NV STLA reported first-half FY23 revenue growth of 12% year-on-year to €98.4 billion, boosted by higher shipments.

Revenue in North America climbed 8%, Enlarged Europe rose 11% Y/Y, and Middle East & Africa jumped 55%.

Global battery electric vehicle (BEV) sales increased 24% year-over-year to 169,000 vehicles.

Adjusted operating income for the six months increased 11% to €14.13 billion, and the adjusted operating margin contracted 10 basis points to 14.4%.

Net profit for 1H FY23 increased 37% to €10.9 billion.

Cash flows from operating activities totaled €13.39 billion, with an Industrial free cash flow of €8.65 billion.

The company held €48.9 billion in cash and equivalents as of June 30, 2023.

The company repurchased €0.7 billion in shares in the first half of 2023 and expects to complete the announced €1.5 billion share buyback program before the end of 2023.

Outlook, confirmed: Stellantis sees FY23 adjusted operating margin to be in double-digit and a positive industrial free cash flow.

Price Action: STLA shares are trading higher by 2.38% at $18.95 in premarket on the last check Wednesday.