Stellantis NV (NYSE:STLA, EPA:STLA), the owner of brands like Fiat, Citreon and Jeep, saw shares rise 5.7% after it reported record net revenues, upped the annual dividend and pledged a new round of buybacks.
Net revenues came in at €189.5 billion in 2023, marking a 6% growth from the previous year, while net profit increased by 11% to total €18.6 billion.
An annual dividend of €1.55 was announced, marking a 16% increase year-on-year.
Additionally, Stellantis said it would be launching a €3 billion share buyback in 2024, having returned €6.6 billion in cash to shareholders in 2023.
Chief executive officer Carlos Tavares warned that 2024 would be “turbulent” but believes the carmaker remains “rock solid”.
“Thanks to our flexible technology and product roadmap, we are prepared to address the various scenarios that could arise and to continue delivering on our Dare Forward 2030 targets,” Tavares added.
Stellantis said it hopes to keep an adjusted operating income margin at a double-digit percent.
Industrial free cash flows also witnessed a robust 19% surge, emphasizing Stellantis' strong financial health.
A notable highlight of the year was the 27% increase in Low Emission Vehicle (LEV) sales, indicating a successful shift towards more sustainable transportation solutions.
Stellantis' electrification strategy includes the launch of 18 additional Battery Electric Vehicles (BEVs) by the end of 2024.