Analyst Note| Richard Hilgert |
No-moat Renault reported first-quarter group revenue of EUR 9.7 billion, down 2.7% from the prior year but, excluding unfavorable currency translation, revenue would have decreased 0.7%. The top line was a healthy 6% above the FactSet consensus revenue estimate of EUR 9.2 billion. Renault volume and market conditions from the Ukraine crisis, microchip shortage, and supply chain disruption contributed negative 6.2 percentage points and 2.7 percentage points, respectively, to the year-over-year revenue decline. The French automaker discloses revenue only in the first and third quarters while full financial statements are reported for the half and full year.