Stellantis lifts profitability target after better first half revenue, profit
Stellantis NV on Tuesday raised its target for profitability for the year after better revenue and profit in the first half.
The auto maker is now guiding for adjusted operating income margin of around 10%, assuming no further deterioration of semiconductor supply or additional major lockdowns in Europe and the U.S. It previously expected 5.5% and 7.5% for 2021. Stellantis was created through the merger of Fiat Chrysler Automobiles NV and Peugeot-maker PSA Group and publishes results also on a pro forma basis that combines both companies' results before the deal closed.
On this basis, the adjusted operating income margin--which relates to income adjusted for items like restructuring--was 11.4% for the first six months of the year and group revenue rose to 75.31 billion euros from EUR51.67 billion. Aftertax profit was EUR5.94 billion compared with a prior-year loss of EUR813 million.
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