Renault Slashes Dividend, Posts Full-Year Profit Below Estimates

Renault Slashes Dividend, Posts Full-Year Profit Below Estimates

Renault SA slashed its annual dividend and reported full-year profit that missed estimates after sales declined and income from partner Nissan Motor Co. dropped by 84%.. Renault's 2019 dividend will fall by more than two-thirds to 1.10 euros a share, it said Friday.. The French carmaker owns 43% of Nissan, which scrapped its own year-end payout to investors.. Its contribution to Renault's results plunged to 242 million euros last year from 1.51 billion euros the year before.. Shares of each company have fallen by more than a third in the past 12 months, and both are trading at the lowest levels in around seven years.. Now the industry faces a challenge from the coronavirus.. FY net income group share falls to loss of 141 million euros vs profit of 3.3 billion euros in 2018.