Paris (awp / afp) – The automotive supplier Faurecia confirmed Thursday its annual objectives by publishing a turnover up 4.3% in the third quarter, to 4.18 billion euros.
This increase is however less strong than anticipated by the consensus of the analysts questioned by Factset. They expected on average sales of 4.29 billion euros.
At constant exchange rates and scope, sales from July to September fell by 3.7%, says Faurecia in a statement. The group recognizes that its sales are "slightly lower" than global automotive production (-3.1%), while it was significantly better than the market in the first half.
The French equipment manufacturer, which provides manufacturers with seats, cockpits, solutions for the electrification of vehicles as well as electronics and software on board, points out that its sales over nine months still show a "strong outperformance of 290 basis points "in relation to world production.
The global automotive industry has experienced significant headwinds since the summer of 2018, with a sharp decline in the Chinese market, the world's largest, combined with weak European and US markets.
For the year as a whole, Faurecia, a subsidiary of the PSA group (Peugeot, Citroen, DS, Opel-Vauxhall) still relies on a performance above average, between 150 and 350 basis points.
It also anticipates as expected "a higher operating profit in value" than last year, "an operating margin of at least 7%" and positive cash flow of at least 500 million euros.
CEO Patrick Koller pointed out that the group was "poised to post a record year for order intake for 2019".
"Despite the deterioration of the market throughout the year, our resilience and agility allow us to fully confirm" our objectives, he said, quoted in the release.
afp / jh