Stellantis Shares Take Off After Announcing New EV Launches, Share Buyback Worth Billions & 16% Dividend Raise
Portfolio Pulse from Nabaparna Bhattacharya
Stellantis N.V. (NYSE:STLA) shares rose in premarket trading after announcing positive full-year 2023 earnings, a new share buyback program worth €3 billion, and a 16% dividend increase. The company reported a 6% increase in net revenues to €189.5 billion, an 11% rise in net profit to €18.6 billion, and a 19% increase in industrial free cash flows to €12.9 billion. BEV and LEV sales grew by 21% and 27%, respectively. Stellantis plans to launch 18 additional BEVs in 2024, aiming for a total of 48 models by year-end. The company also announced a joint venture with Foxconn named SiliconAuto to develop automotive chips starting in 2026.
February 15, 2024 | 10:58 am
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Stellantis N.V. reported strong full-year 2023 earnings, a new €3 billion share buyback program, and a 16% dividend increase. The company's net revenues, net profit, and industrial free cash flows saw significant growth. Stellantis plans to launch 18 additional BEVs in 2024 and has announced a joint venture with Foxconn for automotive chips.
The positive earnings report, significant share buyback program, and dividend increase are likely to boost investor confidence in Stellantis. The company's aggressive push into BEVs and strategic partnership with Foxconn for automotive chips highlight its commitment to innovation and growth, potentially leading to a short-term positive impact on its stock price.
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