Dow Jones Newswires: Renault aims for higher profitability this year, though reports a loss for 2022 due to Russia exit

by | Feb 16, 2023 | Stock Market

By Joshua Kirby Renault SA on Thursday said it is aiming to further increase its profitability this year as sales and operating earnings rose in 2022, though the group swung to a net loss as a result of its withdrawal from Russia. Renault said it will pay a dividend of 25 European cents a share for the year, after two years without.

The French auto maker’s operating profit for the year more than doubled on an adjusted basis to 2.22 billion euros ($2.37 billion) on sales that climbed 11% to EUR46.39 billion. This beat analysts’ expectations for sales of EUR45.38 billion, according to a poll compiled by FactSet. Renault booked an operating margin of 5.6%, rising to 6.4% in the latter half of the year, in line with an ambition to top 5%. The group booked a net loss of EUR338 million after losing EUR1.36 billion in the first half following its decision to unload its Russia business. For continuing operations, Renault made a net profit of EUR1.62 billion. Looking ahead, Renault said it is aiming for an operating margin of at least 6% in 2023, as well as automotive operational free cash flow of at least EUR2 billion. Write to Joshua Kir …

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