Shares of Stellantis jumped Wednesday after the automaker's third-quarter results showed progress on its turnaround plan, CNBC and RTE report.

Adjusted operating income rose to 256 million euros from 90 million euros a year earlier, the outlets report. RTE reports analysts expected 191 million euros. Revenue was little changed at 37.6 billion euros.

The company still had an industrial cash outflow of about 4 billion euros in the quarter. CNBC reports that was slightly better than the 4.3 billion euro outflow a year earlier.

Stellantis kept its 2026 forecast and its goal of positive free cash flow next year, a key focus for investors. "We are very confident in reaffirming our '26 guidance," chief executive Antonio Filosa said, CNBC reports.

Filosa said the company is ahead of schedule on cost cuts. RTE reports it is on track to deliver at least 40 percent of 6 billion euros in savings by the end of the year. It expects about 500 million euros in savings in the fourth quarter.

Shares rose 13 percent in New York and 15.4 percent in Milan, CNBC reports. But they are still sharply down this year. Earlier this month, the stock hit its lowest level since the company was formed in 2021, RTE reports.

Revenue fell 3 percent in North America, long its most profitable market, RTE reports. In February, Stellantis booked more than 22 billion euros in charges tied to electric vehicles.

European carmakers are also struggling in China as local brands gain ground, CNBC reports. Stellantis will present a new plan for its Maserati brand on December 10.

What we know: Stellantis grew operating income and kept its forecasts.
What we don't: Whether it will reach positive cash flow in 2027.