![\"stellantis](\"https:\/\/www.europesays.com\/netherlands\/wp-content\/uploads\/2026\/04\/fcc92fadb11b2d547ffb305e399ab4fb.png\")
stellantis \u00a9Stellantis <\/p>\n stellantis \u00a9Stellantis <\/p>\n
Stellantis N.V. (NYSE:STLA) shares declined more than 6% on the Italian stock market on Thursday after the automaker posted a return to profitability in the first quarter of 2026, though analysts at Jefferies said a tariff-related accounting adjustment masked underlying weakness in North America \u2014 a key region for the company\u2019s recovery strategy.<\/p>\n
Adjusted operating income came in at \u20ac960 million, representing a 2.5% margin and exceeding analyst expectations of \u20ac696 million and a 1.8% margin.<\/p>\n
However, Jefferies highlighted an estimated \u20ac400 million IEEPA tariff adjustment included in North American results. Excluding this factor would bring adjusted operating income down to roughly \u20ac560 million, or a 1.2% margin, falling short of consensus forecasts.<\/p>\n
\u201cNA missed headline, and to a greater extent excl IEEPA, with mix and cost possibly looking weaker than expected,\u201d Jefferies analysts said.<\/p>\n
Revenue growth offsets mixed regional performance <\/p>\n
Net revenues increased 6% year over year to \u20ac38.13 billion, outperforming expectations of 4.7% growth, supported by higher volumes across all regions. Net profit reached \u20ac377 million, compared with a loss of \u20ac387 million in the same period last year.<\/p>\n
North America generated \u20ac16.11 billion in revenue, the largest contribution among segments, and delivered adjusted operating income of \u20ac263 million at a 1.6% margin, compared with a \u20ac542 million loss a year earlier. Shipments rose 17% to 379,000 units, driven by models such as the Ram 1500, the updated Jeep Grand Wagoneer, and the newly launched Jeep Cherokee.<\/p>\n
Europe weak as pricing pressure weighs <\/p>\n
In Enlarged Europe, adjusted operating income totaled just \u20ac8 million on revenues of \u20ac14.38 billion, equating to a margin of 0.1%, down from 2.1% a year earlier. Performance was impacted by negative pricing trends and an unfavorable product mix.<\/p>\n
Jefferies described the region as \u201ca small beat with moving parts roughly as expected,\u201d while noting that pricing pressure remains the primary challenge.<\/p>\n
South America delivered adjusted operating income of \u20ac393 million with a 10.8% margin, while the Middle East and Africa contributed \u20ac282 million at an 11.8% margin. Asia Pacific reported a loss of \u20ac30 million.<\/p>\n
Cash flow improves but misses expectations <\/p>\n
Industrial free cash flow was negative \u20ac1.92 billion, an improvement of 37% compared to the prior year but below the Jefferies estimate of negative \u20ac1.2 billion, due to higher-than-expected working capital outflows.<\/p>\n
The quarter included around \u20ac700 million in cash outflows related to charges recorded in the second half of 2025. Capital expenditure declined by \u20ac800 million year over year to \u20ac1.62 billion.<\/p>\n
Industrial liquidity stood at \u20ac44.14 billion as of March 31, 2026, representing 28% of trailing 12-month revenue, within the company\u2019s target range of 25% to 30%.<\/p>\n
Guidance maintained with lower tariff assumptions <\/p>\n
Stellantis reiterated its full-year 2026 outlook, projecting mid-single-digit revenue growth, a low-single-digit adjusted operating margin, and improved industrial free cash flow year over year. The company also expects approximately \u20ac2 billion in cash outflows tied to second-half 2025 charges and anticipates returning to positive industrial free cash flow in 2027.<\/p>\n
Jefferies, which maintains a \u201cbuy\u201d rating and a $11.70 price target on the U.S.-listed shares, noted that the guidance now assumes a lower net tariff impact of \u20ac1.30 billion, down from \u20ac1.60 billion, reflecting the IEEPA adjustment.<\/p>\n
Stellantis stock price<\/p>\n","protected":false},"excerpt":{"rendered":"stellantis \u00a9Stellantis Stellantis N.V. (NYSE:STLA) shares declined more than 6% on the Italian stock market on Thursday after…\n","protected":false},"author":2,"featured_media":7306,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[6340,2496,6341,1022,103],"class_list":["post-7305","post","type-post","status-publish","format-standard","has-post-thumbnail","category-stellantis","tag-jefferies","tag-north-america","tag-operating-income","tag-operating-margin","tag-stellantis"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/netherlands\/wp-json\/wp\/v2\/posts\/7305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/netherlands\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/netherlands\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/netherlands\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/netherlands\/wp-json\/wp\/v2\/comments?post=7305"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/netherlands\/wp-json\/wp\/v2\/posts\/7305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/netherlands\/wp-json\/wp\/v2\/media\/7306"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/netherlands\/wp-json\/wp\/v2\/media?parent=7305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/netherlands\/wp-json\/wp\/v2\/categories?post=7305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/netherlands\/wp-json\/wp\/v2\/tags?post=7305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}