Stellantis posts record H1 results despite rising costs, chip headwinds
2022.07.28 10:02
FILE PHOTO: Peugeot 408 hybrid, manufactured by Stellantis, is displayed during an unveiling event in Paris, France, June 21, 2022. REUTERS/Benoit Tessier/File Photo GLOBAL BUSINESS WEEK AHEAD
MILAN (Reuters) -Carmaker Stellantis on Thursday posted record results for the first half of the year despite headwinds including raw material inflation and semiconductor scarcity.
Chief Financial Officer Richard Palmer said the strong performance was supported by sales of high margin vehicles, including electrified ones.
“We are ahead of Tesla (NASDAQ:TSLA) in Europe in electric vehicle sales, and not far from Volkswagen (ETR:VOWG_p),” he said.
The world’s fourth largest carmaker said its adjusted earnings before interest and tax (EBIT) rose 44% on a pro-forma basis in the January-June period to 12.4 billion euros ($12.7 billion).
That exceeds analyst expectations of 9.42 billion euros in a Reuters poll.
The margin on adjusted EBIT rose to 14.1% from 11.4% a year earlier, with a double-digit result for all of the group’s five regions and a record 18.1% in North America, where the group made almost half of its sales in the six months.
Palmer however remained cautious regarding a solution to the semiconductor shortage affecting the sector, saying the issue will persist for the rest of this year.
“We see some improvements quarter by quarter, but it’s a slow process,” he said.
($1 = 0.9784 euros)
