RNSDF - Renault upgraded full year margin outlook amid turnaround plan generating results

• Renault ( OTCPK:RNSDF ) upgraded its FY outlook after its turnaround plan to improve profitability over sales volumes was delivering results three years ahead of schedule.
• This is despite challenges the entire sector faces in obtaining the microchips used in everything from brake sensors to entertainment systems which the company believes will cut production by ~300K vehicles this year.
• The company said that operating margins in 1H22 stood at 4.7%, against 2.1% in the same period last year; full year margins forecast updated to more than 5% compared to prior 3%.
• CEO Luca de Meo said that the company is moving from plan's emergency phase into a rebuilding phase, as cited by Reuters.
• The company also achieved a 10-year high for cash generation in 1H22.
• Led by the closing its Russian business amid Ukraine war, the company saw a $1.39B net loss for 1H22.

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