Stellantis, the maker of Jeep and Dodge vehicles, announced a 10% decline in operating profit for the second half of the previous year, attributing the decrease to six-week strikes at the 'Detroit Three' automakers which led to significant stoppages in North America. Despite the challenges, the company reported record sales and plans to launch a $3.22 billion buyback. The strikes not only disrupted output in North America but also exposed Stellantis to tougher competition in Europe. For the fiscal year 2023, Stellantis reported a net income of EU18.63 billion (est EU18.62B) and net revenue of EU189.54 billion (est EU189.33B), slightly above estimates. The company has planned a €3 billion share buyback for 2024 but warned of a turbulent year ahead. Shares surged +5.5% pre-announcement.
Stellantis warned of a turbulent upcoming year after its operating profit fell 10% in the second half of 2023 when strikes caused long stoppages at its operations in North America, its profit powerhouse https://t.co/W6j1qEvZlu https://t.co/V9XXgoAe6H
Stellantis stock pops on new buyback but automaker warns of 'turbulent' year ahead https://t.co/A8kVSUB15Q by @Pras_S
$STLA (+5.5% pre) Stellantis Buyback Drives Shares Higher as Turbulent Year Looms https://t.co/9FRf1IWRzD
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Stellantis’ returns fall after strikes disrupted output in North America and the maker of Peugeot cars faced tougher competition in Europe https://t.co/aANG4ZyQxN
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⚠️ STELLANTIS OPERATING PROFIT DOWN 10% IN H2 DUE TO N. AMERICA STRIKES (Reuters) Stellantis said on Thursday its operating profit fell 10% in the second half of last year when six-week strikes at the 'Detroit Three' automakers caused long stoppages at the group's operations in… https://t.co/E0h2i34rlR
Stellantis FY 23 Earnings: - Net Income EU18.63B (est EU18.62B) - Net Rev EU189.54B (est EU189.33B) - Plans €3 Billion Share Buyback In 2024