Jeep maker Stellantis swings to profit on rising demand in North America; shares fall 5%

The multinational conglomerate, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, posted second-quarter net profit of 293 million euros ($335.3 million), versus a loss of 1.87 billion euros a year earlier.

Adjusted operating income more than tripled in the second quarter to 773 million euros in the April to June period, from 213 million euros a year earlier. That was below an analyst consensus estimate from Reuters of 914 million euros, however.

Milan-listed shares of Stellantis fell sharply on the news. The stock plunged more than 8% after briefly failing to open on Thursday morning, before paring losses. It was last seen trading off by around 5%.

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