Stellantis, revenues down 27% and deliveries down 20%
The company confirmed its 2024 guidance, which had been cut at the end of September: the adjusted operating margin is expected to be between 5.5% and 7% for the whole of 2024 and industrial free cash flow is expected to be in the range of EUR -5 to -10 billion
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In Q3 2024 Stellantis sawrevenues fall by 27% to EUR 33 billion, mainly due to a drop in deliveries and an unfavourable mix, as well as the impact of prices and exchange rates.
Consolidated deliveries, as had been anticipated, amounted to 1.148 million units, decreasing by 279,000 units, or 20% compared to the previous year.
As the company put it, 'the third quarter was characterised by production gaps in several models due to the start of the global product transition, planned North American inventory reductions, and headwinds from the difficult European market environment'.
Confirmed plan for 20 new models in 2024
Stellantis confirmed that, as far as products are concerned, the company remains on track to deliver about 20 new models in 2024. The company announced that the 3 billion share buyback programme was completed in October (including 0.9 billion in Q3), returning a total of 7.7 billion to shareholders in 2024. That said, 'a consistent capital policy will support the calibration of dividends and buybacks in early 2025'.
Guidance 2024 also confirmed
The company confirmed its 2024 guidance, which had been cut at the end of September: the adjusted operating margin is expected to be between 5.5% and 7% for the whole of 2024 (previously 'double digit') and the industrial free cash flow is expected to be in the range of EUR -5 to EUR -10 billion (previously 'positive').
