Stellantis (NYSE: STLA) reported a third-quarter net revenue of 45.14 billion euros ($ 47.82 billion) on Tuesday, surpassing the previous year’s 42.10 billion euros. Four analysts surveyed by Capital IQ had expected 43.75 billion euros.

During the quarter, the company recorded consolidated shipments of approximately 1.4 million units, compared to about 1.3 million in the previous year.

Additionally, Stellantis reaffirmed its outlook for 2023, including the 1.5 billion euro share buyback plan, which is scheduled to be completed in the fourth quarter.

Stellantis also stated that the strikes in North America related to wage increases would have a smaller impact than previously estimated, costing less than 750 million euros in terms of profitability. Initially, these strikes had negatively impacted the group’s revenue by around 3 billion euros.

Chief Financial Officer Natalie Knight noted that this profitability impact was the lowest among the “Detroit Three,” referring to the major automakers in the region. She also mentioned that the company was evaluating additional mitigation measures to address the effects of the strikes.

Stellantis maintained its forecast of a double-digit adjusted operating profit margin and positive industrial free cash flow for the year. Net revenue in the third quarter increased by 7% compared to the same period the previous year, reaching 45.1 billion euros, exceeding analysts’ expectations.

This increase was primarily driven by improved sales volumes and consistent pricing power, although it was partially offset by currency exchange fluctuations, as reported by the company. Consolidated shipments also increased by 11% during the quarter, totaling 1.427 million vehicles, according to Stellantis.

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