Analyst Note| Richard Hilgert |
No-moat-rated Renault reported third-quarter group revenue of EUR 9.0 billion, down 13.4% from the prior year but, excluding favorable currency translation, revenue would have decreased 14.0%. The top line was disappointingly 19% below the FactSet consensus revenue estimate of EUR 11.1 billion. Renault volume and market conditions from the microchip shortage contributed negative 12.4 percentage points and 7.6 percentage points, respectively to the revenue shortfall. The French automaker discloses only revenue in the first and third quarters while full financial statements are reported for the half and full year.