Stellantis ended the first half of the year with adjusted earnings before interest and taxes (EBIT) of € 8,622 million, far exceeding an estimate of a group of analysts polled by Reuters at € 5,938 million, leading automotive concern Carlos Tavares said on Tuesday.
The PSA merger giant with Fiat Chrysler Automobiles (FCA) said it has revised up its 2021 “forecast” for adjusted operating profit margins to about 10%, from 5.5% to 7.5%.
The fourth largest automotive group in the world indicates that this increase in targets suggests that the semiconductor shortage crisis affecting the automotive industry will not worsen and that the pandemic will not create new restrictions in Europe and the United States.
Richard Palmer, CFO at Stellantis, said Stellantis does not expect chip shipments to improve until the last quarter of this year, so he predicts production losses of around 1.4 million vehicles this year.
Palmer also pointed to the “spike” in commodity prices as an issue, the impact of which is expected to be more tangible in the second half of the year.
Stellantis’ EBIT margin rose to 11.4% from January to June, especially in North America, where it reached a record 16.1%.
Proforma revenue in the first half of the year reached 75 310 million euros, up 45.7% from 51 668 million euros received a year earlier.
