Net revenues unchanged at 91.176 bln euros in H2
Adjusted EBIT fell 10 to 10.217 bln euros in H2
Industrial cash flow at 4,203 bln euros in H2
Co proposes dividend of 1.55 eurosshare
Announces 3 bln euro share buyback for 2024

MILAN, Feb 15 Reuters Stellantis warned on Thursday of a turbulent year ahead after its operating profit fell 10 in the second half of 2023 when strikes caused long stoppages at its operations in North America, its profit powerhouse.

Union strikes in North America, which ended with record salary increases for workers at the 39;Detroit Three automakers39;, added to a tough outlook for carmakers, with still timid global demand for electric vehicles, increasing Chinese competition, sustained cost pressures and fallout from geopolitical tensions.

Adjusted operating profit EBIT at the world39;s third largest automaker by revenues fell to 10.2 billion euros 11 billion in the JulyDecember period, topping analysts expectations of 9.54 billion euros, according to a Reuters poll.

Milanlisted shares in Stellantis rose as much as 2.8 in early trading to hit an alltime high of 23.22 euros.

The margin on adjusted operating profit fell to 11.2 in the second half, from 12.3 in the same period of 2022.

In North America adjusted operating profit fell 16 to 5.271 billion euros, with margin decreasing by 160 basis points to 13.

Analysts at Bernstein said the results beat consensus on operating profit as well as cash generation but vague guidance for 2024…