Stellantis Q2 2023 results | Automotive World

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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

Stellantis Q2 2023 results | Automotive World

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

 

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