Company news
Company news from ShareCast
Renault's Q1 revenues held back by FX movements
(Sharecast News) - French carmaker Renault beat forecasts with its first-quarter results, though shares fell as sales from the automotive division were held back by currency movements.
Group turnover totalled €11.71bn, up 1.8% on the same period in 2023 and comfortably ahead of the €11.55bn consensus forecast.
Group sales increased 2.6% year-on-year to 549,009 units, with growth in Europe up 4.3%.
However, while revenues jumped in the smaller Mobility Services (+66.7%) and Mobilize Financial Services (+27.9%) divisions - which together make up 11% of group sales - turnover from the automotive division fell by 0.7% year-on-year to €10.45bn.
The company said the decline this was mainly related to the devaluation of the Argentinean peso and to a lesser extent to the Turkish lira. At constant exchange rates, automotive sales would have risen by 3.6%.
Looking ahead, Renault retained its full-year guidance for operating margins of at least 7.5% and free cash flow of at least €2.5bn.
The company expects 2024 to be a "historic year" with 10 new vehicle launches: seven under the Renault brand, two from Dacia brand and one from Alpine.
Renault shares were down 0.3% at €47.33 by 1056 in Paris, though the stock has surged by more than a quarter since the start of the year.
Group turnover totalled €11.71bn, up 1.8% on the same period in 2023 and comfortably ahead of the €11.55bn consensus forecast.
Group sales increased 2.6% year-on-year to 549,009 units, with growth in Europe up 4.3%.
However, while revenues jumped in the smaller Mobility Services (+66.7%) and Mobilize Financial Services (+27.9%) divisions - which together make up 11% of group sales - turnover from the automotive division fell by 0.7% year-on-year to €10.45bn.
The company said the decline this was mainly related to the devaluation of the Argentinean peso and to a lesser extent to the Turkish lira. At constant exchange rates, automotive sales would have risen by 3.6%.
Looking ahead, Renault retained its full-year guidance for operating margins of at least 7.5% and free cash flow of at least €2.5bn.
The company expects 2024 to be a "historic year" with 10 new vehicle launches: seven under the Renault brand, two from Dacia brand and one from Alpine.
Renault shares were down 0.3% at €47.33 by 1056 in Paris, though the stock has surged by more than a quarter since the start of the year.
Important information
Spread Betting and CFD trading carry a high level of risk to your capital; you should ensure you understand the risks involved. Please read the full risk warning.Have a question?
Call us on
0117 988 9915
8.00am to 6.00pm (Monday to Friday)
HL Markets account holders
Call us on
020 7573 0055
Email us
ShareCast
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.Market latest
FTSE 100 | FTSE 250 | All Share
FTSE 100 | 8,213.49 | +0.51% | |
FTSE 250 | 20,164.54 | +0.56% | |
FTSE All Share | 4,469.09 | +0.52% | |
Dow Jones | 38,675.68 | +1.18% | |
NASDAQ | 16,156.33 | +1.99% | |
Xetra DAX | 18,001.60 | +0.59% | |
Paris CAC 40 | 7,957.57 | +0.54% | |
Nikkei 225 | 38,236.07 | -0.10% | |
Hang Seng | 18,475.92 | 0.00% |
Hang Seng disclaimer l Prices delayed by at least 15 minutes