By David Sachs
Renault stock jumped following higher-than expected earnings and a raised dividend.
At 0822 GMT on Thursday, shares in the French carmaker rose 4.8% to EUR39.51 after climbing as high as EUR39.60.
Late Wednesday, Renault proposed a dividend of EUR1.85 a share, up from EUR0.25 in 2022. It also swung to a net profit of EUR2.2 billion euros ($2.36 billion).
The carmaker’s full-year guidance for earnings before interest and taxes margin of 7.5% is conservative following a strong year that beat expectations, Citi analysts said in a note. In a separate note, Jefferies analysts said a sharp slowdown in fourth-quarter price and mix revenue and a foreign-exchange line item could garner questions from investors.
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