AMSTERDAM (dpa-AFX) - Auto major Stellantis N.V. (STLA) reported Wednesday sharply lower profit in its fiscal 2024 with weak revenues and shipments.
Further, Stellantis said it plans to pay a dividend of 0.68 euro per common share, pending shareholder approval. The expected record date is April 23 and payment date is May 5.
Looking ahead, for fiscal 2025, the company projects positive net revenue growth, mid-single digits adjusted operating income margin and 'positive' industrial free cash flows, reflecting both the early stage of the commercial recovery as well as elevated industry uncertainties.
The company added that the process to appoint the new permanent Chief Executive Officer is well underway and will be concluded within the first half of 2025.
For fiscal 2024, net profit attributable to owners of the parent fell 70 percent to 5.52 billion euros from last year's 18.63 billion euros. Earnings per share were 1.84 euros, down 69 percent from 5.94 euros a year ago.
Adjusted earnings per share were 2.48 euros, compared to prior year's 6.42 euros. Adjusted operating income fell 64 percent from last year to 8.65 billion euros, and adjusted operating income margin was down 730 basis points year-over-year to 5.5 percent.
Net revenues of 156.88 billion euros were 17 percent lower than prior year's 189.54 billion euros.
Consolidated shipment volumes decreased 12 percent due to temporary gaps in product offerings, as well as now-complete inventory reduction initiatives.
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