RNO

Renault SA
37.60
0.02 (0.05%)
Share Name Share Symbol Market Type
Renault SA EU:RNO Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.02 0.05% 37.60 37.30 37.70 37.73 37.255 37.69 898,038 16:40:00

Renault Sees $321 Million Hit From Nissan's Russia Exit But Backs Guidance

11/10/2022 11:41am

Dow Jones News


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By Cristina Roca

 

Renault SA said Tuesday that it expects its earnings to take a 331 million-euro ($321.2 million) as its partner Nissan Motor Co. pulls out of the Russian market, but that its 2022 guidance won't be affected.

The hit will be reflected in the French car maker's second-half net income.

Nissan said earlier Tuesday that it would book a loss of about 100.0 billion yen ($686.2 million) from the sale of its Russian unit.

It first suspended production at its plant in St. Petersburg in March due to supply-chain disruptions following Russia's invasion of Ukraine. It said Tuesday that there were no signs of the business environment changing.

Renault--which owns a controlling stake in Nissan--expects an operating margin of more than 5% and automotive operational free cashflow of more than EUR1.5 billion for 2022.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

October 11, 2022 06:26 ET (10:26 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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