Stellantis has announced a positive set of 2023 full-year financial results which included a strong cash position that enabled it to announce a €3 billion shares buyback programme and boosted the value of its shares.

The results came after the company’s financial position had been hit by UAW strikes in the US in the second half of 2023. The strikes dented profit contributions from its Jeep and Chrysler brands. However, analysts said that the strikes’ impact was muted by high transaction prices on cars sold in the US.

Stellantis posted net revenues for 2023 up 6% y-o-y to €189.5 billion, Net profit rose 11% to €18.6 billion, and Industrial free cash flows increased 19% y-o-y to €12.9 billion.

The company also said that global BEV sales were up 21% y-o-y and that 2023 results were in line with its ‘Dare Forward 2030’ objectives.

“As we just passed the three-year mark since Stellantis’ inception, I warmly thank our teams who are executing at the highest levels and contributing greatly to our growth story, even in the strongest of headwinds,” said Stellantis CEO Carlos Tavares.

“Today’s record financial results are proof that we have become a new global leader in our industry and will remain rock solid as we look to a turbulent 2024. 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.”

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Stellantis also said that a number of factors could create a ‘supportive revenue backdrop in 2024’, including reduced supply and logistical constraints, stabilizing and potentially reduced interest rates, and the benefits of the company’s expected expansion of its product offering.

Stellantis issued guidance that included a minimum commitment of double-digit adjusted operating income (AOI) margin in 2024, as well as positive industrial free cash flow, despite macroeconomic uncertainties.