** Milan-listed shares in Stellantis STLAM.MI drop 5.7% after the car maker reported on Wednesday a 64% drop in 2024 adjusted earnings before interest and taxes $(EBIT)$ to 8.65 billion euros ($9.09 billion) and reduced the dividend
** "FY24 results were within broad range of the guidance, but with adj. EBIT below both our and consensus expectations," broker Equita writes in a note
** The drop in adjusted EBIT in H2 was particular intense as it was almost erased, to 185 million euros from 10.2 billion euros in the same period of 2023
** It proposed a dividend of 0.68 euro, less that half of 2023's dividend of 1.55 euro
** For 2025 it guided a return to revenue growth and positive cash generation
** "It is a downbeat guidance," Jefferies says, adding company kept its policy of loose guidance
** Up to the Tuesday session's close, shares were up 7.1% YTD
($1 = 0.9530 euros)
($1 = 0.9517 euros)
(Reporting by Alberto Chiumento)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.