Analyst Note| Richard Hilgert |
No-moat-rated Stellantis reported first-quarter revenue of EUR 41.5 billion, increasing 12% from the pro forma EUR 37.0 billion reported for the prior year; excluding favorable currency, though, revenue would have risen 8%. The top line beat the FactSet consensus estimate of EUR 37.4 billion by 11%. Stellantis’ volume and market conditions affected by the chip shortage and the Ukraine crisis contributed negative 6 percentage points to revenue. However, vehicle pricing, content, and mix added 14 percentage points, while average revenue per unit jumped 28% as the firm allocates chips to production of higher margin vehicles. The revenue increase outpaced a 12% drop in unit volume to 1.4 million from pro forma 1.6 million last year. The automaker (France-domiciled for accounting purposes) discloses only revenue in the first and third quarters.