Stellantis Worker at Work Inseide of the New Hybrid and Phev Vehicles Stellantis Group EDCT Assembly Assembly Plant on April 10, 2024 in Turin, Italy.
Stefano Guidi | Getty Images News | Getty Images
Crisis-Stricken Auto Giant Steellantis On Wedns Day it Sees Return to Revenue Growth This Year after a Steep Drop in 2024 Earnings.
The mutLineational conglomerate, which Owns Househld Names Including Jeep, Dodge, Fiat, Chrysler and Peugeot, Posted Full-Year 2024 Net Profit of 5.5 Billion Euros ($ 5.77 billion) ($ 5.77 billion), Down 70% form 18.6 Billion Euros Across full-year 2023.
Analysts Had Expected Full-Year 2024 Net Profit to Come in 6.4 Billion Euros, According to an lseg-complex consensus.
Stellantis said it expects to return to profitable grouvth and positive cash generation in 2025, reflecting the early stage of a commercial recoverry and elevated Industry Uncertiies.
The results come as the company continues its search for a new Chief Executive Following The abrupt departure of carlos tavares late last year.
Steellantis said It expects to name a successor during the first half of this year, with Chairman John Elkann Leading An Interim Executive Committee Until the position is filled.
Other earnings highlights:
- Net Revenues Came in at 156.9 Billion Euros, Down 17% from the Previous Year
- Adjusted Operating Income Margin of 5.5%, At the Lower End of the Firm’s Updated Financial Guidance
“While 2024 was a year of stark contrasts for the company, with results Falling Short of our potential, we achieved important strategic millestones,” Elkann Said In ACAID IN ACAID IN ACAID IN ACAIDEN SAIDEN SACTETEMENT ACAMENTEGIC MILESTONES.
“Notably, we began the rollout of new multi-energy platforms and products, which containues in 2025, started production of ev batteries through our jvs, and launched the leunched the leunched the leunches the leunctional partnership He added.
Elkann said the company was “firmly focused” on bot gaining market share and improving Financial performance through 2025.
Shares of the Milan-Listed Company Fell 4% on Wednsday Morning.
The carmaker, like many of its peers, have been hit by a series of challenges in recent months, include North American Performance Issues, A Global Decline in Demand for New Cars and Difocultles in the World’s largest auto market of China.
Steellantis Issured A Profit Warning in September, Warning of Lower-Than-Expend Sails “Across Most Regents” in the second half of 2024.
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