By Kim Richters 
 

Stellantis NV said Thursday that revenue rose despite lower shipments in the first quarter, and confirmed its 2022 targets.

The car maker reported revenue of 41.48 billion euros ($44.06 billion) for the three-month period compared with EUR37 billion on a pro forma basis the year before. Revenue benefited from positive pricing, sales mix and currency effects, the company said.

Consolidated shipments fell 12% to 1.37 million vehicles in the three months due to the semiconductor shortage, it said.

Stellantis was formed through the combination of Fiat Chrysler Automobiles NV and Peugeot-maker PSA Group and prior-year figures are on a pro forma basis, which are adjusted as if the companies were merged for the full first quarter of 2021.

The Jeep maker backed its targets for the full year, while flagging supply and inflationary headwinds. It is targeting a double-digit adjusted operating profit margin and a positive industrial free cash flow for 2022.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

May 05, 2022 02:39 ET (06:39 GMT)

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