Stellantis, the Netherlands-based automotive conglomerate known for producing popular brands such as Jeep and Dodge, has announced a positive financial performance in the third quarter of this year. Despite facing setbacks due to a six-week strike in the United States, the company managed to increase its revenue and vehicle shipments.
In the third quarter, Stellantis reported a revenue of €45.10 billion ($47.88 billion), surpassing last year's figure of €42.10 billion. Analysts had estimated the revenue to be around €42.45 billion, according to FactSet. The growth in sales is attributed to improved volume and steady pricing. However, currency exchange rates did have a partial negative impact on the gains.
The strike in the U.S., which has now been put on hold, resulted in significant production losses for Stellantis. The company estimates that it lost approximately €3.00 billion in revenue due to the strike. Chief Financial Officer Natalie Knight mentioned that the strike's effect on the company's margin was below €750 million.
Despite these challenges, Stellantis managed to increase its consolidated vehicle shipments by 11%, reaching 1.4 million units.
Looking ahead, Stellantis reaffirmed its full-year guidance of achieving an adjusted operating income margin in the double digits and positive free cash flow.
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