Renaults cuts production outlook by 500,000 cars due to chip shortage

  • Renault (OTC:RNSDF) lowers its output forecast for this year after group revenues fell 13.4% and global unit sales fell 22.3% in the third quarter.
  • Renault produced 170,000 fewer units in Q3 than it originally planned and the Group now anticipates production losses of 500,000 vehicles for the year due to the global chip shortage. CFO Clotlide Delbos said visibility surrounding the chip shortage was "still very poor because the information coming from suppliers is very unreliable" but that he expects chip production to remain constrained through 2022.
  • When asked about raw materials, Delbos said that the company wasn't experiencing any shortages but was encountering higher material costs.
  • Renault has been focusing on higher margin cars amid the chip shortage and it expects operating margins and profit to remain around the same as H1 2021. The lower decline in revenues, limited to -13.4%, "confirms the positive impact of the Group's commercial policy oriented towards better value from sales," writes the automaker.

    For this year the company, located in Boulogne-Billancourt revenue will be around 46.43 billion euros. This is according to the average of the analysts' estimates. This is slightly more than 2021's revenue of 43.47 billion euros.

    Historical revenues and results Renault plus estimates 2021

    beurskoers

    The analysts expect for 2021 a net profit of 545 million euros. For this year the consensus of Renault 's result per share is a profit of 1.88 euros. The price/earnings-ratio therefore equals 16.48.

    For this year analysts don't expect the company to pay a dividend. The average dividend yield of the automobile producers equals an attractive2.78 percent.

    Latest estimates around 35 euros

    Jefferies & Co., Barclays and HSBC recently provided recommendations for the stock.

    Based on the current number of outstanding shares Renault 's market capitalization 9.02 billion euros. 26

    At 17.36 the stock trades 0.56 percent lower at 30.98 euros.

    Historical stock prices Renault2007-2021

    stock price renault

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