Paris-based carmaker Renault (EPA:RNO) reported a jump in first-half profits this morning, hitting its highest operating margin in a decade at 4.8%.
Whilst the company failed to top rival Peugeot’s results, who reported a first-half profit for the first time since 2011, earnings were still better than expected by analysts; up 47 per cent in the first six months at €1.07bn. Revenues came in at €22.2bn, up 12 per cent on the prior year.
Under Chief Executive Carlos Ghosn, Renault is stepping up productivity and technology sharing with 43.4 percent-owned Nissan and Daimler as well as gearing up to launch new products. Analysts expect Renault to reap the benefits in the second half of the year.
The positive earnings results from automakers such as Peugeot and Renault bode well for Ferrari, who have just filed for IPO on the NYSE.
