Stellantis Posts 18% Growth In FY22 Revenue; Adopts €1.5B Share Buyback Plan - Stellantis (NYSE:STLA)

Stellantis NV STLA reported an 18% year-on-year increase in FY22 revenue to €179.6 billion.
Net profit of €16.8 billion increased 26%, and the adjusted operating income climbed 29% to €23.3 billion, with a 13.0% margin, exceeding the 2030 target of more than 12%.
The auto manufacturer had industrial free cash flows of €10.8 billion, a 78% increase, showing early progress toward the 2030 objective of more than €20 billion.
"In addition to our record financial results and the focused execution of the Dare Forward 2030 strategic plan, we also demonstrated the effectiveness of our electrification strategy in Europe," said CEO Carlos Tavares.
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"We now have the technology, the products, the raw materials, and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep® from 2024."
Stellantis Board of Directors approved a share buyback program of up to €1.5 billion. The shares will be purchased over a period ending December 31, 2023.
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Price Action: STLA shares are trading higher by 2.88% at $17.14 in premarket on the last check Wednesday.