Renault beats Q3 forecasts as new launches lift sales
Q3 revenue rises vs consensus for 1.5% decline
Higher priced new models offset 5.6% drop in volume
Company maintains margin guidance for 2024
Shares jump more than 7%
Adds shares in paragraph 5, context in 18-19
By Gilles Guillaume and Dominique Patton
PARIS, Oct 24 (Reuters) -Renault RENA.PA reported an unexpected rise in third-quarter revenue on Thursday, lifting its shares as demand for pricier new models such as Symbioz and Duster SUV hybrids helped the French automaker cope with a weak market.
Revenues came in at 10.7 billion euros ($11.6 billion), up 1.8% from a year earlier and beating analysts' consensus forecast of 10.35 billion euros provided by the company.
At constant exchange rates, group revenues were up 5%.
Renault, one of the few European carmakers that has not cut its forecasts in recent weeks, also confirmed it is aiming for a margin of at least 7.5% for 2024. That compares to 7.9% in 2023.
Its shares were up 7.6% around 0830 GMT, on course for their best day in 28 months, with Jefferies analysts pointing to "resilience versus peers".
European automakers are struggling with rising costs and weak demand, as well as strong competition from Chinese electric vehicle rivals, which can produce cars more cheaply.
Car sales in Europe slumped 18% in August and declined again in September, in the first consecutive monthly decline in two years, industry data showed on Tuesday.
Renault said its global sales volumes fell 5.6% in the quarter to 482,468, with European sales down 5.3% to 328,111.
That's better than some rivals. Consolidated deliveries at Stellantis STLAM.MI fell 20% in the third quarter, according to preliminary figures, while BMW's volumes were down 13%.
Electrified vehicles - including both hybrids and fully electric - accounted for 47% of Renault brand sales, up from less than 40% a year ago.
"Our Q3 revenue is starting to benefit from our unprecedented product offensive, with 10 new launches this year, representing 18% of our invoices over the quarter," Renault said.
That compares with about 5% for new launches in the first half, finance chief Thierry Pieton told journalists on a call, and is bringing up average prices, which will continue to rise into 2025, he said.
ORDER BOOK
Renault shares have risen about 18% this year, outperforming European peers. Germany's Volkswagen VOWG_p.DE, which is locked in a battle with powerful unions over cost and job cuts, has fallen 18% and Stellantis as much as 42%.
Pieton said Renault was not facing the supplier problems or inventory management issues hitting some competitors, and said it had an order book of two months of forward sales.
"In terms of potential difficulties at the end of the year, the order book is pretty good, we have a big quarter ahead of us, at this stage it is simply execution," he said.
Fully electric cars accounted for 11.6% of Renault brand sales in the third quarter, the same as in the first half and presenting a challenge for the company in meeting stricter EU rules on CO2 emissions next year.
Pieton said EV sales had started to improve in September with the launch of the new electric Renault 5.
($1 = 0.9268 euros)
Reporting by Gilles Guillaume and Dominique Patton; Editing by Jacqueline Wong and Mark Potter
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