STELLANTIS - Ricavi del 1° trimestre deboli e peggiori delle stime

Fatto

Stellantis ha riportato i ricavi del 1Q24 che sono risultati in calo YoY e al di sotto delle aspettative di consensus. La società ha confermato la guidance sul FY24, che resta comunque poco indicativa.

1Q24 revenue:
•    Revenue at €41.7bn (-12% YoY) vs our/cons FactSet/cons. BBG at €41.4/ 42.7/43.9bn, +1%/-2%/-5%;
o    North America at €19.3bn (-15% YoY) vs our/cons. at €17.1/ 18.6bn
o    Europe & ME at €16.7bn (-8% YoY) vs our/cons. at €18.3/17.5bn
o    South America at €3.5bn (-2% YoY) vs our/cons. at €3.4/ 3.4bn
o    APAC at €0.5bn (-46% YoY) vs our/cons. at €1.0/ 1.0bn
o    Maserati at €0.3bn (-55% YoY) vs our/cons. at €0.7/ 0.7bn
o    Others at €1.4bn (+37% YoY) vs our/cons. at €1.0/ 1.5bn
•    Shipments at 1.34mn (-10% YoY) vs our 1.35mn
•    ASP at €30.2k (-4% YoY) vs our €29.8k
•    Revenue bridge
o    Volume -10% vs our -8%
o    Mix -2% vs our -4%
o    Price +3% vs our +1%
o    FX -3% vs our -1%
o    Other +0% vs our -0%

2024 guidance invariata, ma non indicativa:
•    Adj. EBIT margin >10%, our/cons 12.3/11.4%
•    Industrial FCF >€0bn, our/cons. €12.2/10.8bn

Other items:
•    Inventories at 1.39mn vs 1.46mn at YE23 despite shipments being down 141k
•    BEV and LEV sales up +8% and +13%
•    Market share vs 1Q23
•    -1.6pp in North America, to 8.4%
•    Stable in Europe, to 18.7%
 

Effetto