Stellantis issues first earnings report, wants higher profits at old FCA

Stellantis has issued its first earnings report, covering the full year 2020 for FCA and PSA. The latter was considerably more profitable, with Peugeot, Citroën, and Opel bringing in a 7.1% adjusted operating margin in their automotive operations. The second half operating margin hit a record at 9.4%.

Stellantis financials - earnings - dollars

At FCA, the adjusted earnings before interest and taxes (EBIT) was €3.7 billion, with a 4.3% margin. The adjusted net profit for the year was €1.9 billion; the actual net profit was €24 million. Fourth quarter results hit a record; every region (and Maserati) was profitable in the fourth quarter.

For 2020, global volume was down 22% from 2019, with 3.4 million vehicles delivered.

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North America was once again the driver of profit at FCA, with an adjusted EBIT margin of 8.9% from 1.8 million unit sales ( €60 billion); while sales were considerably lower, the margin was quite close to 2019’s level. The Asia-Pacifica region also ended up in the green, with a 0.1% adjusted EBIT margin, from  €5.3 billion in revenues (475,000 sales).

Dragging the numbers down were Europe/Middle East/Africa (EMEA) and APAC (Asia-Pacific), with negative margins—(–5.6%) in EMEA and (–4.9%) in APAC. FCA lost €918 million in EMEA and lost €116 million in APAC.

Maserati is counted as a global brand; it had a –17% margin, losing €232 million on around 16,900 sales. Maserati had lost €33 million in 2019.

For 2021, Stellantis expects an adjusted operating income margin of 5.5% to 7.5%, assuming no significant lockdowns. The industry is expected to grow in every region.

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