Stellantis shares jumped about 12% in early New York trading after the carmaker held its full-year outlook. Third-quarter adjusted operating income almost tripled, though the company still burned cash.
Stellantis stock jumped about 12% in early New York trading on Wednesday. The Jeep and Chrysler owner kept its full-year outlook unchanged.
Third-quarter revenue edged up 1% to €37.6 billion. Adjusted operating income almost tripled to €256 million from €90 million a year ago.
However, the company still burned cash. Industrial free cash flow came in at minus €4 billion, slightly better than minus €4.3 billion last year.
CEO Antonio Filosa said the turnaround launched in May is running ahead of plan. He repeated that free cash flow should turn positive in 2027, and he expects savings to top the €6 billion target by 2028.
RBC Capital Markets' Tom Narayan said that rival carmakers and suppliers are cutting forecasts while Stellantis kept its own.
Source: Coinpedia Fintech News
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