Renault (RNLSY) shares traded firmly higher Friday after the French carmaker posted better-than-expected full-year earnings and boosted its dividend by nearly a third.
Renault said operating profit for 2016 came in at a record €3.28 billion, up 38% from the previous year, and modestly ahead of analysts' forecasts of €3 billion. Revenue for the year rose 13.1%, the company said, to €51.2 billion, which was also ahead of the Wall Street consensus. The company paid a €3.15 per share dividend, up from €2.40 in 2015.
Renault shares rose 2.44% in early Paris trading to change hands at €84.81 each by 8:10 a.m. GMT, extending their three-month gain past 17% compared to a 13.6% gain for the Stoxx Europe 600 Automobiles & Parts Index.