MILAN (Reuters) – Carmaker Stellantis said on Thursday its sales rose 12% in the first quarter of this year supported by strong pricing and vehicle mix, but also by favourable exchange rate effects.

Net revenues amounted to 41.5 billion euros ($44.1 billion) in the January-March period versus 37.0 billion euro pro-forma sales a year earlier.

The result topped analyst expectations of 36.9 billion euros, according to a Reuters poll.

“Our full-year guidance for double-digit adjusted operating income margins and positive cash-flow is confirmed, despite supply and inflationary headwinds, as good product momentum and strategic partnerships continue to pave the way,” Chief Financial Officer Richard Palmer said in a statement.

Shipments however fell 12% in the quarter, mainly due to the impact of unfilled semiconductor orders, the world’s fourth largest carmaker said. ($1 = 0.9422 euros)