Reuters logo
4 years ago
UPDATE 1-Faurecia sales rise 0.8 pct, hampered by currencies
October 22, 2013 / 4:44 PM / 4 years ago

UPDATE 1-Faurecia sales rise 0.8 pct, hampered by currencies

* Q3 revenue edges up to 4.12 billion euros

* Currency wiped 4 percentage points off sales growth

* Says on track for sales of 17.8 bln-18 bln this year

* Says European demand still weak

* North American model changeovers also hurt sales (Adds CFO comment, details, background)

PARIS, Oct 22 (Reuters) - Faurecia, the French auto parts maker owned by PSA Peugeot Citroen, said revenue rose 0.8 percent in the third quarter as currency effects curbed sales growth.

Revenue edged up to 4.12 billion euros ($5.7 billion), Faurecia said in a statement on Tuesday, as a weaker dollar against the euro compounded a lull in North American sales.

European car demand remains at a low level, Chief Financial Officer Michel Favre told analysts and reporters on a conference call. "We consider that the economy is still in a low pattern."

The company, based in the western Paris suburb of Nanterre, also said U.S. sales would "continue to grow at a more moderate pace", while reiterating its full-year earnings goals.

Faurecia, 57.4 percent-owned by Peugeot, said it was on track for sales of between 17.8 billion and 18 billion euros this year, as well as improved operating profit and positive cash flow before restructuring charges.

Product sales fell 1.4 percent to 1.65 billion euros in Europe, Faurecia's biggest region, and tumbled 13 percent in North America as BMW introduced its new X6 sport utility vehicle with less Faurecia content than its X5 predecessor.

Extended summer plant shutdowns also hurt sales as U.S. carmakers prepared production lines for new models.

In Asia, product sales surged 21 percent to 423 million euros, led by a 23 percent gain in China. Faurecia said its business with Ford in the region had more than doubled.

But weakness in the dollar and other currencies reduced the value of overseas sales and trimmed 4 percentage points off revenue growth in the quarter, Faurecia said. ($1 = 0.7260 euros) (Reporting by Laurence Frost; Editing by James Regan and David Holmes)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below