Renault 2013 Profit Advances 59% on Dacia Brand Gains
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Renault SA, Europe’s third-largest carmaker, said 2013 operating profit jumped 59 percent as low-cost models from the Dacia brand pushed delivery growth and the company lowered costs. The stock rose the most in five weeks.
Earnings before interest, taxes and one-time items increased to 1.24 billion euros ($1.69 billion), beating the 1.06 billion-euro average estimate of 11 analysts surveyed by Bloomberg. Revenue rose 0.5 percent to 40.9 billion euros. The company today forecast growth in sales and operating profit in 2014 and positive free cash flow at the carmaking unit.