PSA Peugeot Citroen Q1 Revenues up 10.2 per cent image

French carmaker PSA Peugeot Citroen said on Wednesday its first-quarter revenues rose 10.2 percent from last year, supported by growth in emerging markets.

The Paris-based Peugeot said today in an emailed statement that revenue in the first three months of the year rose to 15.41 billion euros from 13.99 billion euros a year earlier. The automaker still eyes its set full-year target and will proposition 1.1 euros dividend on 2010 earnings after holding the payments for the past two years.
The group stuck to its 2011 objectives but said there would be a likely hit of 150 million euros ($214.8 million) to automotive recurring operating profit in the first half from the Japanese earthquake and tsunami.

“Output in Japan has yet to return to normal and the group is carefully tracking the situation,” Peugeot said in a statement to announce first-quarter revenues.

“Hats off,” David Arnold, a London-based analyst at Credit Suisse, said today in a note to clients. “The market will take today’s statement as positive, given the higher degree of confidence the company shows about the near-term earnings environment.”

Peugeot rose as much as 4.9 percent to 28.49 euros, the biggest intraday jump since Jan. 11, and was up 4.4 percent as of 9:15 a.m. in Paris trading. That narrowed the stock’s decline this year to 0.1 percent.

The company hopes to increase its share in the Chinese market to 8 percent by 2015, Ceo Philippe Varin said yesterday in Shanghai. The target is a step up from the company’s less than 4 percent market share in the world’s largest auto market last year.