Stellantis N.V. (NYSE:STLA) shares rose as the company reported full-year results that beat analyst expectations. The company also approved a 1.5-billion-euro share repurchase program.
The company’s full-year net profit of €16.8 billion, up 26% on revenue of €179.59 billion (+18.1% Y/Y). Industrial free cash flows of €10.8 billion, up 78%, showing early progress toward 2030 objective of >€20 billion. Adjusted operating income was up 29% to €23.3 billion, with 13.0% margin, exceeds 2030 target of >12%; all segments contributing to both top and bottom line growth.
Industrial free cash flows were €10.8 billion, up 78%, showing early progress toward 2030 objective of >€20 billion. Net cash synergies of €7.1 billion, more than two years ahead of €5.0 billion annual steady state target. Strong balance sheet, with Industrial available liquidity at €61.3 billion.
Also Wednesday, the company’s board of directors approved a share buyback program of up to €1.5 billion (total purchase price excluding ancillary costs), to be executed on the market with the intent to cancel the common shares acquired through the share buyback program. The shares will be purchased over a period ending December 31, 2023 on NYSE / Euronext Milan / Euronext Paris.
The opportunity to initiate the buyback program stems from the company’s significant cash flow generation and strong balance sheet.
STLA shares moved up 73 cents, or 4.4%, to $17.39.
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