April 29, 2024 15:21 GMT
Stellantis (Baa1/BBB+): 1Q24 Revenue Preview{STLA US Equity}
CONSUMER CYCLICALS
Stellantis reports Q1 sales and revenue tomorrow pre-US open.
• Consensus sees €4.39bn revenue, 7% lower YoY and at the low end of peers although on tough 2023 comps.
• Q423 results produced a small beat but came with a challenging outlook. Management described 2024 as “turbulent”, guiding for lower operating margins (double digit) and vaguely “positive” FCF. Nonetheless a $3bn share buyback was maintained.
• Spreads have been broadly flat vs peers since Q4 results.
• Updates to margin guidance will be keenly watched.
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