FX.co ★ Stellantis FY23 Profit Rises, Lifts Dividend; Plans EUR 3 Bln Share Buyback

Stellantis N.V., a leading automobile company, announced increased profits and revenues for the fiscal year 2023.

The company has proposed a dividend of 1.55 euros per share, marking an increase of approximately 16 percent from the previous year. The key dates for this payout are April 23 (record date) and May 3 (payment date).

In addition, Stellantis plans to carry out an open-market share buyback program in 2024, totaling 3.0 billion euros. This includes a planned repurchase of 0.5 billion euros of shares to service share-based compensation and employee share purchases throughout the year.

Looking forward to 2024, the company asserted its commitment to maintaining a minimum double-digit adjusted operating income margin, and ensuring positive industrial free cash flow, despite uncertainties in the macroeconomic landscape.

Further, Stellantis anticipates a favorable revenue environment in 2024, which will benefit from reduced supply and logistical constraints, continuing the momentum of 2023.

For the fiscal year 2023, the company reported an 11% increase in net profit, reaching 18.63 billion euros, up from the previous year's 16.78 billion euros. Adjusted operating income grew by 1% to 24.34 billion euros, slightly up from the 24.02 billion euros recorded the year before. The adjusted operating income margin, however, fell by 60 basis points to 12.8 percent.

The company's net revenues also saw an increase - from the previous year's 179.59 billion euros to 189.54 billion euros in 2023, accompanied by a 7 percent rise in consolidated shipment volumes.