October 17, 2019 / 5:11 AM / a month ago

Car parts group Faurecia confirms 2019 outlook as Q3 sales rise

PARIS, Oct 17 (Reuters) - French car parts group Faurecia maintained its 2019 guidance for higher operating profits and margins as it posted an increase in third-quarter sales.

Faurecia, which is 46% owned by PSA Peugeot, said sales had risen by 4.3% from a year ago to 4.185 billion euros ($4.64 billion).

Faurecia kept its 2019 guidance, which envisages a sales growth outperformance of between 150-350 basis points, based on constant exchange rates and excluding the impact of Faurecia’s earlier takeover of Clarion.

Faurecia is also targeting an increase in its operating income and an operating margin of at least 7% for 2019, as well as a net cash flow of at least 500 million euros, including the consolidation of the Clarion unit as from April 1.

“Since the beginning of the year, our sales posted a solid outperformance versus automotive production of close to 300 basis points,” said Faurecia chief executive Patrick Koller.

“Despite the market degradation throughout the year, our resilience and agility allow us to fully confirm our guidance for the year. In addition, we are on track for a record year of order intake in 2019,” he added.

$1 = 0.9029 euros Reporting by Gilles Guillaume; Editing by Sudip Kar-Gupta

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