Stellantis Revenue Falls Below Forecasts on Lower Volumes, New Model Preparations
By David Sachs
Stellantis revenue fell in the first quarter on lower sales volumes and an unfavorable mix, missing analysts' expectations, but the carmaker backed its full-year guidance.
The multinational owner of Jeep, Dodge and a dozen other brands said net revenue fell 12% on year to 41.7 billion euros ($44.71 billion). Analysts had expected revenue of EUR44.35 billion, according to a Visible Alpha consensus.
The company said lower sales volumes contributed to the result, with consolidated shipments falling 10% to 1.3 million vehicles. Preparations for a wave of new models in the second half, including inventory management, also affected sales, Stellantis said.
Stellantis also cited an unfavorable sales mix and foreign exchange rates, but said net pricing was positive.
The company backed its full-year guidance.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
April 30, 2024 02:29 ET (06:29 GMT)
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