Renault: Revenue Rises on Volume Increase, Strong Pricing, and Favorable Mix

No-moat-rated Renault reported first-quarter group revenue of EUR 11.5 billion, up 18% on an as-reported basis from the prior year, but, excluding unfavorable currency translation and discontinued AutoVAZ operations, revenue jumped 30%. The top-line result trounced the FactSet consensus revenue estimate by nearly 10%. Automotive revenue was 32% higher, also excluding currency and discontinued operations. The “Renaulution” turnaround to improve pricing and mix supported roughly 14 percentage points of the automotive revenue increase. Because the chip shortage was more acute in the year-ago period, volume contributed 19 percentage points. Geographic mix and sales to partners contributed 4 percentage points while others were negative 5 percentage points. The French automaker discloses only revenue in the first and third quarters while full financial statements are reported for the half and full year.