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CONSUMER CYCLICALS: Renault (RENAUL Ba1[P]/BB+/NR): 1H24 Results

CONSUMER CYCLICALS

Good results from Renault despite headwinds in the sector. Marginal credit positive.

  • Revenue lands in-line with consensus with better price/mix offsetting lower volumes.
  • Record operating margins at 8.1%, 7.9% expected. Adj. operating income 3% ahead of consensus.
  • FCF at €1.26bn missed estimates by 15%. Its unclear from the press release what’s driving that.
  • Automotive net cash grew to €4.86bn, just ahead of consensus, from €3.7bn at FY23.
  • FY24 guidance confirmed.
  • Webcast 07.00 BST https://www.it-events-live.com/streaming/index.html?session=c9702866-329c-43d0-b791-1d3ad70258c0&support=it.events%40renault.com

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