PARIS, April 25 (Reuters) - French auto parts maker Valeo said revenue growth slowed to 3 percent in the first quarter, held back by a strong euro and a contraction in Chinese and U.S. car production.
After jumping 12 percent last year, revenue rose to 4.917 billion euros ($5.99 billion) from 4.767 billion, the Paris-based company said on Wednesday. Currency effects cut sales by 5.4 percent as dollar-zone revenues lost value in euros.
Valeo’s quarterly sales number was in line with the 4.91 billion euros expected by analysts, based on the median estimate in an Inquiry Financial poll for Reuters. The company reiterated its 2018 earnings guidance.
$1 = 0.8214 euros Reporting by Laurence Frost; Editing by Adrian Croft