Stellantis Earnings: Revenue Rises on Volume Increase, Solid Pricing, and Favorable Mix

No-moat-rated Stellantis reported first-quarter revenue of EUR 47.2 billion, rising 14% from EUR 41.5 billion reported in the prior year when the chip crunch was much worse. Excluding favorable currency, organic revenue rose 13%. The top line beat the FactSet consensus estimate of EUR 45.9 billion by 3%. Stellantis’ volume, still affected by the chip shortage but to a lesser degree, and favorable mix contributed 7 percentage points to the revenue increase and vehicle pricing added 6 percentage points as average revenue per unit edged 5% higher. The revenue increase outpaced a 7% rise in consolidated unit volume to 1.5 million from 1.4 million last year. The automaker (French domiciled for accounting purposes) discloses only revenue in the first and third quarters.