Renault anticipates improved profitability following Q3 revenue growth By Investing.com

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Renault anticipates improved profitability following Q3 revenue growth

Published Oct 19, 2023 08:28

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Renault (EPA:RENA), the French auto manufacturer, has reaffirmed its annual financial outlook after witnessing growth in its Q3 revenue and sales compared to the previous year. The company's third-quarter revenue increased by 7.6% to €10.51 billion ($11.08 billion), surpassing analysts' projection of €10.34 billion.

The company sold 356,747 brand units in the quarter, resulting in a 5% rise in automotive revenue to €9.39 billion. In total, Renault sold 511,000 vehicles, a 6.1% increase from the same period last year.

The firm expects its second-half operating margin to exceed the first half's 7.6%. CFO Thierry Pieton expressed confidence about the fourth quarter on Thursday, predicting an improvement in profitability due to their product offensive strategy and cost-cutting measures.

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