While in Italy it implements a substantial productive paralysiswith the systems stopped or at minimum, Stellar presents bad quarterly data which however highlights worse results in North America than those recorded in Europe. In the third quarter of 2024 i revenues net they stopped at 33 billion euros: a 27% drop compared to the same period of 2023, “mainly due to fewer deliveries and an unfavorable mix, in addition to the impact of prices and exchange rates”, explains the automotive group chaired by John Elkann, in the eye of the storm for the refusal to appear at the hearing in Parliament to account for the company’s work in the Peninsula. Globally the deliveries consolidated are 1.1 million, 20% less year on year. Overall, the year will go badly: the pejorative review of the estimates arrived in September, when the operating profit target was reduced to 5,5%-7% of revenues.
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The revenue trend is affected by “the cessation of production of various models for the start of the transition of the product portfolio, the planned reduction of inventories in Nord America and the impacts resulting from a difficult European market context“, we read in the group’s statement. In North America in particular, orders dropped to 299 miles units, down by 171 thousand, while in the European area the drop is “only” 103 thousand units, 496 milesso revenues fell by 12% compared to -42% recorded overseas.
However, the stock is gaining ground on the stock market because it could have been worse: the analysts took back Bloomberg they note that European revenues helped offset problems in North America, thanks to a stronger-than-expected sales mix that counteracted pricing pressure. Second BernsteinIn particular, Stellantis met its targets on the eve, with revenues in line with consensus. Positive Europe offset worse-than-expected North America, thanks to a mix of vehicle sales in the B and C segments that countered the pressure on prices. More pessimistic Citiwhose analysts according to Bloomberg focus on the problems in North America and exclude there being much room for more bullish positions on the stock.
Equity note that in any case the third quarter turnover is not very indicative, given the downward revision of the 2024 guidance which arrived in September. And he adds that there is some positive news on the order side of the new Citroën C3 and Peugeot 3008 models. Furthermore, over 200 dealers in Europe are ready to start selling the models of the Chinese brand Leapmotor. But it is too early, Equita analysts explain, to assess whether the new models are able to compensate for the problem
price pressure expected also in 2025.
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