By Kim Richters

Stellantis NV said Wednesday that it has exceeded its own target for its adjusted operating profit margin in the first year as merged auto maker.

The car maker, formed through the combination of Fiat Chrysler Automobiles NV and Peugeot-maker PSA Group in January 2021, reported a margin of 11.8%, which compares with a target of around 10% for the year.

The margin for adjusted operating profit in 2020 was 6.9%.

Stellantis's revenue rose to EUR152.12 billion from EUR133.88 billion and adjusted operating profit increased EUR18.01 billion from EUR9.22 billion in 2021.

Figures are on a pro-forma basis, which adjusts for comparison related to the company merger.

Looking ahead, Stellantis said it is expecting a double-digit adjusted operating profit margin and positive industrial free cash flow for 2022.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

February 23, 2022 03:04 ET (08:04 GMT)

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