STLA: big profits, profit-sharing (updated)

Thanks to high profits in the United States, around 40,500 union employees in the country will get profit-sharing checks averaging $14,760. It’s a mild increase from last year, as car prices remain quite high due to supply-chain constraints.

Some of the hidden news was Jeep’s astounding average transaction price; it climbed to $53,000, partly as the new big Jeeps proved to be fairly popular and the smaller ones declined. Ram’s average transaction price was a heady $57,000.

Stellantis is a new company , still, but the results still set a record with a roughly $18-billion net profit; adjusted margin hit 13%. What’s more, Stellantis became a bigger BEV player with a 41% year-over-year growth, key to fighting Tesla (whose European sales shot up by a factor of ten, but remain small) and Volkswagen. Battery-electric car sales are rising fast in Europe, where fuel is far more expensive.

Stellantis financials - earnings - dollars

Net revenues were around $191 billion, up 18% from 2021, due to higher pricing and favorable exchange rates. the net profit of around $18 billion was up 26% from last year. The board has approved a stock buyback program, subject to shareholder approval, as well as a $4.5 billion dividend.

In the U.S., 90% of dealers enrolled with the company’s financing arm. Every region grew and delivered record profitability:

North AmericaEU30Middle East+AfricaSouth AmericaAsia-Pacific
Volume1.86 million
(+2%)
2.62 million
(-8%)
426,000
(+4%)
859,000
(+3%)
205,000
(-14%)
Net Revenue€ 85.5 million
(+23%)
€ 63.3 million
(+7%)
€ 6.4 million
(+24%)
€ 15.6 million
(+46%)
€ 4.5 million
(+13%)
Adj Op Income (AOI)€ 14 million
(+23%)
€ 6.3 million
(+17%)
€ 1 million
(+98%)
€ 2 million
(+132%)
€ 654,000
(+48%)
AOI Margin16.4%9.9%16.7%13.1%14.5%

 

In addition, Maserati sold around 2% more globally, with around 26,000 sales; net revenues were a hefty $2.3 billion, with a margin of around 9%—up from 2021’s 5%.

Some notable reconciliation charges included the Takata recall (€951 million, €382 of which was from North America); CAFE penalties (€660 million, entirely from the United States); warranty changes (€ 314 million from the old PSA brands).

Stellantis ended 2022 with considerably less debt than at the end of 2021—€27 billion, down from €34 billion. The company holds € 46 billion in cash and cash-equivalents to weather a downturn. In the end earnings per share was € 4.69.

Across Europe, “STLA” had the best-seller and second-best-seller in the “B segment” (compact) BEV range with the Peugeot e-208 and Opel Mokka-e. The company’s four light commercial vehicle brands combined for a 43% BEV market share with their compact and full size vans, and made hydrogen vans available as well.  The company also had Europe’s third best-selling PHEV, the Citroën C5 X; the Wrangler 4xe was America’s (and Canada’s) best selling plug-in hybrid, while Compass was #1 in Italy followed by Renegade. The Peugeot 3008 PHEV hit #1 in France and Spain.

The first American BEV from Stellantis, the Ram ProMaster, will arrive this year. Globally Stellantis has 23 BEV nameplates on sale, with nine more coming this year.

 


Discover more from Stellpower - that Mopar news site

Subscribe to get the latest posts to your email.