Renault Shares Fall After Stellantis Earnings Plunge Below Forecasts
By David Sachs
Renault shares fell Wednesday despite a record-breaking first-half margin after Jeep-and-Dodge-maker Stellantis reported lower earnings that missed expectations.
At 0824 GMT, shares in Renault were down 8.4% at EUR43.57
"It's contagion," Bernstein analyst Stephen Reitman told Dow Jones Newswires.
The French carmaker beat analysts' forecasts for revenue and operating profit in the first half, leading to an 8.1% operating margin--a record, the company said.
But Stellantis struggled in the half, with lower sales that were weighted toward less profitable products. Net profit, revenue, adjusted operating income and cash flow each fell significantly on year as a result. Costs from investments and restructuring, as well as the electric-vehicle transition, weighed on results, the company said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
July 25, 2024 04:47 ET (08:47 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks
United States