Renault quarterly sales tumble on weak Europe
PARIS, April 24
PARIS, April 24 (Reuters) - Renault's first-quarter revenue fell 11.8 percent, the French carmaker said on Wednesday, predicting a contraction in the European market at the higher end of its previous forecast.
Revenue for the first three months dropped to 8.27 billion euros ($10.7 billion) on a 4.7 percent fall in global deliveries to 608,455 vehicles, the company said in an emailed statement.
The French and European auto markets are expected to fall 5 percent, Renault also said a month after predicting a regional contraction of between 3 and 5 percent.
"Conditions in Europe were tougher than expected" in the quarter, Renault said.
The company nonetheless reiterated its goal of achieving a positive automotive operating margin and free cash flow for the full year. ($1 = 0.7695 euros) (Reporting by Laurence Frost; editing by Jane Baird)
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