April 30, 2024 09:21 GMT
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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