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UPDATE 1-Faurecia sales rise 1.7 pct on acquisitions
April 23, 2013 / 8:31 AM / 4 years ago

UPDATE 1-Faurecia sales rise 1.7 pct on acquisitions

* Keeps full-year outlook

* Shares up 1.1 pct, outperform sector (Updates with CFO comment on sales breakdown, guidance)

PARIS, April 23 (Reuters) - French auto parts maker Faurecia said first-quarter sales rose 1.7 percent as acquisitions helped offset the impact of the European auto market slump.

Revenue rose to 4.37 billion euros ($5.69 billion) in the first three months of 2013 from 4.3 billion a year earlier, the company said in an emailed statement on Tuesday.

Faurecia, 57 percent-owned by PSA Peugeot Citroen, said global revenue increased despite an 8.6 percent drop in European product sales, “mainly impacted by the European slowdown”.

The company, based in the Paris suburb of Nanterre, is pushing an expansion in North America, Asia and emerging markets such as Russia to compensate for the European slump.

The shift may bring the share of sales outside Europe closer to 50 percent for 2013 than the 45 percent recorded in the quarter, Chief Financial Officer Frank Imbert said.

Faurecia still expects to increase operating income this year and deliver a sales increase between 0.8 percent and 3.1 percent before currency effects, Imbert also told reporters and analysts on a call. “We reiterate our 2013 guidance.”

Plant acquisitions - including Ford’s Saline, Michigan interior parts factory purchased by Faurecia last year - added more than 150 million euros to the quarterly sales total.

The finance chief also said there was “no change” in the stance of its main shareholder Peugeot.

The struggling French carmaker has sought to end speculation that it may be forced to sell part or all of its Faurecia stake, saying in February that the holding was “not for sale”.

Faurecia shares were up 1.1 percent at 0824 GMT, outperforming the European sector, which was down 0.3 percent.

$1 = 0.7674 euros Reporting by Laurence Frost; Editing by Christian Plumb

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