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Stellantis (Baa1/BBB+): 1Q24 Revenue

CONSUMER CYCLICALS

Neutral for spreads. Like VW, a weak quarter as flagged. Guidance affirmation and inventory reduction should help anchor credit.


• Revenue missed expectations by 5%; even though a weak quarter was expected that’s a 12% YoY fall with Europe the weakest region.

• One positive was stronger pricing. Volume was affected by destocking ahead of new launches.

• Inventory reduction will have improved cash flow.

• FY24 guidance was confirmed.

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