Stellantis Q3 Revenues, Shipments Down; Confirms FY24 Outlook

(RTTNews) - Auto major Stellantis N.V. (STLA) reported Thursday that its third-quarter net revenues fell 27 percent to 33.0 billion euros from last year's 45.1 billion euros, primarily due to lower shipments and unfavorable mix as well as pricing and foreign exchange impacts.

The company said the lower revenues were reported amid transitional period of product upgrades and inventory reduction actions.

Consolidated shipments were 1.15 million units, down 20 percent from last year's 1.43 million units. Combined shipments declined 21 percent from last year to 1.17 million units.

In North America, net revenues plunged 42 percent from the prior year to 12.43 billion euros, with a 36 percent drop in shipments.

Enlarged Europe net revenues dropped 12 percent to 12.48 billion euros, and shipments declined 17 percent.

Further, the company said it plans approximately 20 new product launches in 2024.

Looking ahead to fiscal 2024, Stellantis reiterated its financial guidance, which was updated on September 30, still expecting adjusted operating income or AOI margin of 5.5 percent to 7 percent.

Doug Ostermann, CFO, said, "While Q3 2024 performance is below our potential, I'm pleased with our progress addressing operational issues, in particular U.S. inventories, which have been reduced meaningfully and are on track for year-end targets, as well as stabilization of U.S. market share. In Europe, stringent quality requirements delayed the start of certain high-volume products, but with progress resolving challenges we will soon benefit from the significantly expanded reach our generational new product wave brings to 2025 and beyond."