Stellantis Earnings Miss on North America Weakness
Dow Jones
Jul 30
1213 GMT - Carmaker Stellantis's second-quarter EBIT came in well below consensus, led by softness in North America, RBC Capital Markets analyst Tom Narayan writes. Wholesale volumes were strong in the quarter but dealer inventories were elevated, particularly in the U.S., he adds. Consensus EBIT for the second half implies a roughly 850 million-euro drop versus the first half, which RBC suspects incorporates some discounting and product-mix effects from new launches and moving older inventory off dealer lots, particularly in the U.S. It also includes around 500 million euros in higher tariffs from the first half, the bank adds. Shares fall 4.5%.
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