Stellantis NV
STLAP,
is planning to distribute 4.2 billion euros ($4.47 billion) to shareholders after revenue and net profit surged in 2022, a year marked by a steep rise in electric vehicles sales.
The maker of the Jeep and Dodge brands on Wednesday posted revenue of EUR179.59 billion, up 18% on year. Stellantis sold 288,000 battery electric vehicles globally last year, a 41% increase from 2021.
Net profit from continuing operations she jumped 26% to EUR16.78 billion. Adjusted operating income–Stellantis’s preferred measure of profitability–climbed to EUR23.32 billion from EUR18.01 billion, generating an adjusted margin of 13%. Industrial free cash flows–another closely watched metric–increased to EUR10.82 billion from EUR6.07 billion.
Analysts polled by FactSet had forecast revenue of EUR176.19 billion, net profit from continuing operations of EUR16.23 billion and adjusted operating income of EUR22.76 billion.
The auto maker, formed by the combination of Fiat Chrysler and Peugeot maker PSA Group, had guided for a double-digit adjusted operating income margin and positive industrial free cash flows.
Stellantis said its 2022 distribution, more than the EUR3.3 billion it handed for the previous year, is subject to shareholder approval. The company also said it would buy back up to EUR1.5 billion worth of shares by the end of the year.
For 2023, Stellantis is targeting a double-digit adjusted operating income margin and positive industrial free cash flows.
Write to Mauro Orru at [email protected]; @MauroOrru94
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