MILAN -- Stellantis raised its full-year profit target after strong first-half results, which included record margins in North America and progress on cost savings.
Stellantis said it aimed for an adjusted operating profit margin of around 10 percent. That compares with a forecast of between 5.5 percent and 7.5 percent previously predicted by the automaker, which was formed in January from the merger of Fiat Chrysler Automobiles and PSA Group.
In the first six months pro-forma adjusted earnings before interest and tax (EBIT) were 8.62 billion euros ($10.24 billion) compared with 752 million a year earlier, Stellantis said in a statement on Tuesday.
The group's EBIT margin was 11.4 percent, more than double the low end of the range forecast in March.
North America was the company's standout region in the first half, bolstered by the Jeep SUV and Ram truck brands. Net revenue rose 42 percent to 32.4 billion euros, and the company earned a 16.1 percent margin. In the automaker's Europe region, margin was 8.8. percent.
The Maserati luxury brand reported first-half adjusted operating income of 29 million euros after two years in the red.
The automaker does not report earnings on a quarterly basis.