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Stellantis Q1 Net Revenues Rise, Shipments Down; Confirms FY22 Outlook

Stellantis N.V. (STLA) reported Thursday that its first-quarter net revenues were 41.5 billion euros, higher than last year's 34.3 billion euros. On a proforma basis, net revenues grew 12 percent from last year's 37.0 billion euros.

Consolidated shipments were 1.37 million units, down 12 percent on a pro forma basis, primarily due to impact of unfilled semiconductor orders. Combined shipments were 1.42 million units, down 12 percent.

Further, the company confirmed fiscal 2022 outlook, expecting adjusted operating income margin in double-digit.

Richard Palmer, CFO, said, "Q1 Net revenues were up 12 percent thanks to strong net pricing, favorable vehicle mix and positive FX translation effects, while shipments were down 12 percent. Our full-year guidance for double-digit Adjusted operating income margins and positive cash-flow is confirmed, despite supply and inflationary headwinds, as good product momentum and strategic partnerships continue to pave the way."

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