Stellantis Q2 2023 results | Automotive World
Like Renault, Stellantis does not report profit quarterly, just sales and revenue.
For H1 2023 it reported record revenue and recurring operating income, boosted by a 9.1% rise in consolidated shipments to 3.202 million units, with all major regions (N. America, Europe, Middle East & Africa, S. America, China & Asia-Pacific and Maserati) contributing to the rise. The company also reports a figure for ‘combined shipments’ which includes sales by non-consolidated joint ventures and this rose by 9.7% to 3.327 million units.
H1 2023 revenue grew by 11.8% to €98.4bn with all regions except China, India & Asia-Pacific contributing to the rise.
Stellantis % change, Q2 & YTD 2023 -v- yr ago
Reported operating profit grew by 31% to €13.5bn and the margin rose by 2.0 points to 13.8%. On a recurring basis operating income was 11% higher at €14.1bn and the margin dipped by 0.1pts to 14.4%. The €1,399m net improvement in recurring income reflects the following:
- €4,752m – vehicle net price;
- €45m – selling and admin’ expense;
- €(161)m – R&D;
- €(309)m – volume & mix;
- €(1,271)m – exchange rates & other;
- €(1,657) – industrial costs.
All regions contributed to the rise in recurring income, with all except North America reporting higher recurring margins ranging from 10.7% in Europe to 25.9% in the Middle East & Africa region.
Stellantis operating margin (%)
Outlook
Although its first-half results were robust, CEO Carlos Tavares said the company will have to accelerate cost cutting to keep profitability strong in a more challenging pricing environment.
Having aimed for, and achieved, a double-digit operating margin in 2022 the company is aiming to do the same in 2023 and is again aiming for positive cash flow. Longer term, under its Dare Forward 2030 plan the company aims to double revenue to €300bn, keeping profit margins in double digits.
| Stellantis | Unit | H1-23 | Q2-23 | Q1-23 | Yr to Dec 22 | Q4-22 | |||||
| Group | Data | % | Data | % | Data | % | Data | % | Data | % | |
| Revenue | € mil | 98,368 | 11.8 | 51,133 | 9.9 | 47,235 | 13.9 | 179,592 | 18.1 | 49,492 | 5.4 |
| Operating profit (5) | € mil | 13,541 | 31.2 | – | – | – | – | 20,012 | 30.8 | – | – |
| Pre-tax profit | € mil | 13,610 | 37.6 | – | – | – | – | 19,244 | 32.2 | – | – |
| Net profit | € mil | 10,918 | 37.2 | – | – | – | – | 16,779 | 25.6 | – | – |
| Employees | 000’s | 272.0 | (1.1) | 272.0 | – | 272.0 | (2.2) | 272.4 | (3.3) | 272.4 | (3.3) |
| Unit sales | 000’s | 3,327 | 9.7 | 1,789 | 10.9 | 1,538 | 8.3 | 6,002.9 | (2.3) | 1,636.1 | 22.7 |
| N. America | 000’s | 1,023 | 6.7 | 514 | 7.3 | 509 | 6.0 | 1,861.0 | 2.3 | 461.0 | 4.5 |
| S. America | 000’s | 420 | 4.2 | 229 | 0.0 | 191 | 9.8 | 859.0 | 3.5 | 243.0 | 14.1 |
| Europe | 000’s | 1,478 | 8.5 | 821 | 10.9 | 657 | 5.6 | 2,626.0 | (8.2) | 726.0 | 34.9 |
| M. East / Africa | 000’s | 301 | 51.3 | 170 | 54.5 | 131 | 47.2 | 426.0 | 9.5 | 140.0 | 60.9 |
| China, India, Asia | 000’s | 90 | (10.0) | 48 | (2.0) | 42 | (17.6) | 205.0 | (6.4) | 57.0 | 18.8 |
| Maserati | 000’s | 15 | 50.0 | 7 | 16.9 | 8 | 95.3 | 25.9 | 7.0 | 9.1 | 37.9 |
| Per unit | |||||||||||
| Revenue | € | 29,564 | 1.9 | 28,583 | (0.9) | 30,704 | 5.1 | 29,918 | 20.8 | 30,250 | (4.2) |
| Operating profit (5) | € | 4,070 | 19.6 | – | – | – | – | 3,334 | 33.8 | – | – |
| Pre-tax profit | € | 4,090 | 25.5 | – | – | – | – | 3,206 | 35.3 | – | – |
| Net profit | € | 3,281 | 25.0 | – | – | – | – | 2,795 | 28.6 | – | – |
| Per employee | |||||||||||
| Revenue | € | 361,647 | 13.0 | 187,989 | 11.1 | 173,658 | 16.4 | 659,375 | 22.1 | 181,711 | 18.3 |
| Operating profit (5) | € | 49,783 | 32.7 | – | – | – | – | 73,474 | 35.2 | – | – |
| Pre-tax profit | € | 50,037 | 39.1 | – | – | – | – | 70,655 | 36.7 | – | – |
| Net profit | € | 40,140 | 38.7 | – | – | – | – | 61,604 | 29.9 | – | – |
| Sales | units | 12.2 | 10.9 | 6.6 | 12.1 | 5.7 | 10.7 | 22.0 | 1.0 | – | – |
| Return on revenue | |||||||||||
| Operating profit (5) | % | 13.8 | 2.0 | – | – | – | – | 11.1 | 1.1 | – | – |
| Pre-tax profit | % | 13.8 | 2.6 | – | – | – | – | 10.7 | 1.1 | – | – |
| Net profit | % | 11.1 | 2.1 | – | – | – | – | 9.3 | 0.6 | – | – |
| * 2021 results are pro-forma | |||||||||||