Stellantis swung to a net profit in the second quarter of 2024, reporting net income of 293 million euros ($335.3 million), compared with a loss of 1.87 billion euros in the year-ago period. The company released its second-quarter earnings on Thursday.
Adjusted operating income in Q2 2024, more than triple the €213M in Q2 2023
Adjusted operating income more than tripled to 773 million euros from 213 million euros a year earlier. However, the figure fell short of an analyst consensus estimate of 914 million euros compiled by Reuters. The profit was boosted by rising demand in North America.
Following the earnings release, Stellantis' shares fell sharply, initially plunging more than 8% before paring losses to trade around 5% lower. The company showed tentative signs of benefiting from CEO Antonio Filosa's turnaround plan.