Auto giant Stellantis on Thursday swung to profit in the second quarter, boosted by rising demand in North America as the company showed tentative signs of benefitting from CEO Antonio Filosa’s turnaround plan.

The multinational conglomerate, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, posted second-quarter net profit of 293 million euros ($335.3 million), versus a loss of 1.87 billion euros a year earlier.

Adjusted operating income more than tripled in the second quarter to 773 million euros in the April to June period, from 213 million euros a year earlier. That was below an analyst consensus estimate from Reuters of 914 million euros, however.

Milan-listed shares of Stellantis fell sharply on the news. The stock plunged more than 8% after briefly failing to open on Thursday morning, before paring losses. It was last seen trading off by around 5%.

“The second quarter was marked by continued progress, led by North America and supported by important contributions from all other regions,” CEO Filosa said in a statement.

“With implementation of our FaSTLAne 2030 strategy well underway and this year’s exciting new product launches on time and on track, we remain confident of delivering our 2026 financial guidance,” he added.

Stellantis posted industrial free cash flows of 1 billion euros at the end of June, comfortably beating Citi’s forecast of 600 million euros.

Analysts at the Wall Street bank said that while this figure reflects improved operating performance, the auto giant’s adjusted operating income margin remains at a “very low” level of 1.8%.

Positive free cash flow is obviously welcome, analysts at Citi said in a research note to clients. “Nevertheless, we expect investors will await more evidence of positive operating performance before revisiting STLA,” they added.