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Renault SA’s quarterly revenue fell less than expected in the first quarter as the French carmaker navigated semiconductor shortages and a sharp decline in Russian auto sales due to the war in Ukraine.
Revenue contracted 2.7 per cent to €9.75 billion ($10.6 billion), the company said Friday, beating the €9.27 billion estimate compiled by Bloomberg.
The market is “severely disrupted by the conflict in Ukraine, the semiconductor crisis and inflation,” chief financial officer Thierry Pieton said in a statement. Renault is sticking with an estimate that chip supplies will shave production by around 300,000 this year, mainly in the first half, and said its order book is strong.
The drop was expected after Renault’s worldwide vehicle sales volumes declined 17 per cent over the three-month period, including a 34 per cent plunge in Russia, the manufacturer’s second-biggest market, according to figures published earlier this week.
The quarterly report reflects Renault’s souring prospects after Russian president Vladimir Putin ordered the invasion of Ukraine. The company’s shares have lost just over a quarter of their value since the war began. Renault is the most exposed automaker to Russia through its majority-owned AvtoVaz venture, which makes the popular Lada brand.
Revenue from Russia fell 16 per cent to €900 million, with the AvtoVaz venture accounting for €527 million of the total, Renault said Friday.
Renault last month said it intends to withdraw from Russia, but the company has yet to disclose details beyond halting an assembly plant in Moscow.
As a result, it revised downward its financial outlook for this year both for profit margin and free cash flow, and warned that it could take a writedown in first-half earnings for the value of the business, which was 2.2 billion euros at the end of last year.
The company, which is working on a turnaround plan, confirmed its predictions in the statement and said it would hold a capital markets day in the fall. – Bloomberg