Stellantis 3Q Revenue, Shipment Rose But Strike Cost EUR3 Billion in Sales

By David Sachs

Stellantis's third-quarter revenue and vehicle shipments rose but said that lost production from the strike in the U.S. translated to a significant sales hit.

The Netherlands-based maker of Jeep, Dodge and a dozen other brands said on Tuesday that revenue reached 45.10 billion euros ($47.88 billion) compared with EUR42.10 billion in the third quarter of last year. Analysts had expected third-quarter revenue at EUR42.45 billion, according to FactSet.

Sales figures reflect improved volume and steady pricing but gains were partially offset by currency exchange rates, the company said.

Production losses from the six-week strike in the U.S., which is now on hold, equated to around EUR3.00 billion in lost revenue, Stellantis said. The effect of the strike on the company's margin was under EUR750 million, Chief Financial Officer Natalie Knight said.

Consolidated vehicle shipments rose 11% to 1.4 million, Stellantis said.

Stellantis confirmed its full-year guidance of an adjusted operating income margin in the double digits and positive free cash flow.

Write to David Sachs at [e-mail]

(END) Dow Jones Newswires

October 31, 2023 03:17 ET (07:17 GMT)

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