Stellantis Q1 Net Revenues, Shipments Up; Confirms FY21 Outlook - Quick Facts

(RTTNews) - Carmaker Stellantis N.V. (STLA), created with the merger of Fiat Chrysler Automobiles N.V. and France's Peugeot S.A., on Wednesday reported that its first-quarter net revenues surged to 34.3 billion euros from last year's 11.9 billion euros. The results reflected the first quarter since the merger closed on January 17, 2021.

On a Pro Forma basis, as if the merger had occurred January 1, 2020, net revenues were 37 billion euros, up 14 percent from last year's 32.4 billion euros, primarily due to higher overall volumes, positive net pricing, improved market mix, mainly in North America and Enlarged Europe, as well as favorable vehicle mix.

Consolidated shipments on a reported basis grew to 1,477 thousand units from 620 thousand units last year. Pro forma consolidated shipments increased 11 percent to 1,567 thousand units.

Combined shipments on a reported basis were 1,526 thousand units, up from 626 thousand units, while pro forma combined shipments were 1,618 thousand units, up 12 percent.

The results reflected strong consumer demand and retail mix, as well as the impact of COVID-related temporary production suspensions in the prior year's first quarter. These were partially offset by production losses in the latest quarter due to semiconductor shortages. This represented a loss of around 11 percent of planned production, or around 190 thousand units, in the quarter.

Further, the company confirmed its fiscal 2021 outlook. The company still expects adjusted operating income margin of 5.5 percent to 7.5 percent, assumes no significant COVID-19 related lockdowns.

Regarding the shipments, the company said there is limited visibility of full year semiconductor shortage impact, but it is expected that second quarter will be worse than the first quarter, with some improvement in the second half of fiscal 2021.