Latest News

Dow Jones Newswires: Renault backs 2022 view as price hikes offset weaker sales

Renault SA on Friday said that third quarter revenue rose as price increases helped offset a decline in vehicle sales, and backed its full-year guidance.

The French car maker’s
RNO,
+2.14%

quarterly revenue came in at 9.78 billion euros ($9.57 billion), up 20% from EUR8.12 billion a year earlier. At constant scope and exchange rates, revenue was up 19%. An analysts’ consensus provided by FactSet had forecast the figure at EUR9.44 billion.

Revenue was positively affected by price increases to offset cost and currency inflation, Renault said.

In the quarter, Renault sold 481,000 vehicles worldwide, a 2.4% fall on year as the semiconductor crisis continues to take a toll, it said.

The previous year’s figures were adjusted to reflect the disposal of Renault Russia and its stake in Russian auto maker AvtoVAZ.

The company confirmed that it expects group operating margin to exceed 5% and automotive operational free cash flow of more than EUR1.5 billion in the full year. It said it will update on its mid-term outlook and strategy at its capital markets day on Nov. 8.

Write to Giulia Petroni at giulia.petroni@wsj.com

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News