Renault Shares Fall Following Hit From Nissan's Russia Exit
October 11 2022 - 07:29AM
Dow Jones News
By Maitane Sardon and Cristina Roca
Shares in Renault SA fell Tuesday after the company said its
earnings would take a 331 million-euro ($321.2 million) hit from
Nissan Motor Co.'s exit from the Russian market.
The French car maker said the hit will be reflected in its
second-half net income but that its guidance for the full year
remains unaltered.
At 1050 GMT, shares were down 4.5% at EUR30.03.
Earlier on Tuesday, Japan's Nissan--in which Renault owns a
controlling stake--said it would book a loss of about 100.0 billion
yen ($686.2 million) from the sale of its Russian unit.
Renault also said it expects an operating margin of more than 5%
and automotive operational free cashflow of more than EUR1.5
billion for 2022.
Write to Maitane Sardon at maitane.sardon@wsj.com and Cristina
Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
October 11, 2022 07:14 ET (11:14 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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