Puegeot Turnaround Has Been Impressive but Not Yet Complete
No-moat-rated Peugeot reported a 1.8% decline in first-quarter revenue for the automotive division, but excluding negative currency translation, revenue would have been down 1.0%. Unit volume dropped 15.7% to 0.886 million versus 1.052 million last year, mainly due to discontinued Iranian operations. We expect full-year automotive revenue to be slightly higher on easier comparisons in the second half of the year. The French automaker only discloses revenue in the first and third quarters while c...Peugeot is an automobile manufacturer (cars and light commercial vehicles), supported by two brands: Peugeot and Citroen. Co.'s activities are divided into four main segments: Automobile (Co. designs, manufactures and markets passenger cars and light commercial vehicles under Peugeot and Citroen brands), Finance (Co. provides retail and wholesale financing to customers and dealer networks), Automotive equipment (Co. produces Interior Systems, Automotive Seating, Automotive Exteriors and Emissions Control Technologies) and Other businesses (Co. produces scooters).
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