PARIS (Reuters) – French automotive supplier Valeo published quarterly sales on Thursday up 4% at constant scope and exchange rates, supported by the increase in automobile production in its main regions, but slightly lower than expectations.
The group’s consolidated turnover in the third quarter amounted to 5.22 billion euros, slightly below the 5.24 billion euros forecast in the consensus provided by the company.
In China, automobile production is stable due to an unfavorable base effect linked to catching up from the impact of the COVID-19 pandemic over the same period in 2022, the company said in a press release.
The group reiterates its annual objectives, in particular a turnover of between 22 and 23 billion euros and an operating margin of between 3.2 and 4%.
“In the context of a more restrictive automotive market and macroeconomic environment, we reaffirm our 2023 objectives supported by the efficiency action plan for our operations as well as new cost reduction measures,” commented general manager Christophe Périllat.
(Written by Kate Entringer, edited by Jean-Stéphane Brosse)
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