Benzinga | Aug 3, 2021 10:48AM EDT

Stellantis Reports Strong 1H Results; Raises FY21 Adjusted Operating Income Margin Outlook

* Stellantis NV (NYSE:STLA) reported the first half FY21 Pro Forma net revenue growth of 45.8% year-on-year, to (euro)75.3 billion.

* On Pro Forma basis, North America revenue rose 42% Y/Y to (euro)32.4 billion, South America increased 125.2% to (euro)4.9 billion, Europe 41% to (euro)32 billion, Middle East & Africa rose 45% to (euro)2.5 billion, China & Indo Pacific grew 56.9% to (euro)1.9 billion.

* The adjusted operating margin expanded 990 basis points to 11.4%, and the adjusted operating income was (euro)8.6 billion on a Pro Forma basis.

* Cash flow from operating activities totaled (euro)5.6 billion.

* It reported Pro Forma Industrial free cash outflows of (euro)1.2 billion, reflecting negative working capital impacts due to unfilled semiconductor orders.

* Stellantis posted Pro Forma Adjusted EPS of (euro)2.15 for the half-year period.

* Stellantis said it is full speed ahead of launching 11 new BEVs and ten plug-in hybrid vehicles (PHEVs) in the next 24 months.

* "While delivering this strong operational performance the Company also made significant progress on strategic matters related to electrification acceleration and software, which are fundamental pillars of our strategy," said CEO Carlos Tavares.

* Outlook: Stellantis raised the FY21 adjusted operating income margin outlook to ~10% from the prior view of 5.5%-7.5%.

* Price action: STLA shares are trading higher by 4.56% at $20.16 on the last check Tuesday.