Analyst Note| Richard Hilgert |
No-moat-rated Stellantis reported third-quarter revenue of EUR 32.6 billion, down 13.7% from the pro forma EUR 37.7 billion reported for the prior year, but excluding unfavorable currency, revenue would have decreased 12.9%. The top line was 1.3% above the FactSet consensus estimate of EUR 32.1 billion. Stellantis volume and market conditions from the microchip shortage were responsible for 23.1 percentage points of the revenue decline. However, vehicle pricing, content, and mix added 10.6 percentage points, while average revenue per unit rose 17.6% as the firm allocates chips to the production of higher-margin vehicles. The revenue decrease was less than the 27.3% drop in unit volume to 1.2 million from a pro forma 1.6 million last year. The automaker, domiciled in France for accounting purposes, discloses revenue only in the first and third quarters.