Stellantis Confirms 2023 Guidance After First-Quarter Revenue Jump
May 03 2023 - 2:31AM
Dow Jones News
By David Sachs
Stellantis on Wednesday confirmed its 2023 guidance after
reporting a rise in revenue on more shipments and higher net
pricing for the first quarter.
The Netherlands-based maker of Jeep, Dodge, Peugeot and other
brands recorded 47.2 billion euros ($51.92 billion) in sales, up
14% over the first quarter of 2022.
Stellantis said consolidated shipments rose 7.4% to 1.48
million, mostly due to easing in the semiconductor supply chain.
Battery-electric vehicle sales rose 22% compared to the first
quarter of 2022, Stellantis said.
"So far I think we've seen pricing holding relatively stable
compared to the back end of 2022," Chief Financial Officer Richard
Palmer said on a call with reporters. "We still have a relatively
strong order portfolio in Europe and our main challenge continues
to be fulfillment of those orders. I think we're making good
progress on resolving those issues, but it's ongoing."
The auto maker, formed by the combination of Fiat Chrysler and
Peugeot maker PSA Group, maintained its annual outlook for an
adjusted operating income margin of double digits this year and
positive industrial free cash flows.
Mr. Palmer said the company is being relatively prudent on its
outlook for demand, given risks from macroeconomic uncertainty.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
May 03, 2023 02:16 ET (06:16 GMT)
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