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Renault reports lower first-half net income YOY

French car manufacturer Renault SA reported lower net income in the first half but said worldwide registrations were up 9.8% from the same period a year prior and operating margin increased to a new first-half record.

The company reported first-half net income attributable to the parent company's shareholders of €1.95 billion, or €7.18 per share, down from the restated €2.40 billion, or €8.78 per share, in the first half of 2017.

Operating margin increased to a record €1.91 billion in the half, up from €1.82 billion in the year-ago half.

The company reported operating income of €1.73 billion, down from €1.79 billion. Operating income at the automotive segment, excluding the Russian AVTOVAZ unit, was €1.03 billion, down from €1.19 billion in the year-ago period. AVTOVAZ operating income increased to €110 million from €4 million.

Group revenues increased 1.4% year over year to €29.96 billion from €29.54 billion.

In the second quarter, group revenues were up by 2.4% to €16.80 billion, from €16.41 billion in the year-ago period, with automotive revenue, excluding AVTOVAZ, rising 1.1% year over year and AVTOVAZ revenues increasing by 5.4%

Renault confirmed its full-year 2018 guidance. It continues to expect an increase in group revenues at constant exchange rates and a positive automotive operational free cash flow. The company expects to maintain a group operating margin of more than 6.0% in 2018.