By Pierre Bertrand
Renault confirmed its guidance for the year after reporting an increase in revenue and vehicle sales in the third quarter.
The French carmaker on Thursday said third-quarter revenue was 10.51 billion euros ($11.08 billion), up 7.6% from a year earlier.
The result compared with expectations of EUR10.34 billion in group quarterly revenue, according to analysts polled by FactSet.
Renault, which earlier this week reported sales of 356,747 brand units in the quarter, said its automotive revenue rose 5% to EUR9.39 billion.
Across the group, 511,000 vehicles were sold in the quarter, an increase of 6.1%, Renault said.
It confirmed its guidance for 2023 and said it expects second-half group operating margin to be greater than the 7.6% achieved in the first half of the year.
“We have entered the last quarter with confidence and confirm the improvement of our profitability in the second half of the year and beyond, driven by our product offensive, along with the benefits of our cost reduction program and our disciplined commercial policy focused on value,” Chief Financial Officer Thierry Pieton said.
Write to Pierre Bertrand at [email protected]
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