Valeo SA, France’s second-biggest car-parts maker, said third-quarter sales rose as demand grew in China and North America and the European car market showed signs of stabilizing.
The French manufacturer stuck to its full-year target of a “slight increase” in operating margin as a proportion of revenue in 2013, “assuming stabilized market conditions in Europe.” Europe’s car market is set to shrink for a sixth consecutive year following an 18-month recession in the euro region that ended in the second quarter.
“The group recorded excellent figures for the original equipment market, as well as in the aftermarket and demonstrated its capacity for balanced growth,” Chief Executive Officer Jacques Aschenbroich said in a statement. “These results reflect the gradual entry into production of the high order intake recorded by the group over the last three years and the strength of Valeo’s growth model.”
Sales grew 2.2% to 2.91 billion euros ($3.98 billion) from 2.84 billion euros a year earlier, the Paris-based company said in the statement today. Nine-month revenue amounted to 9.07 billion euros, up 2.6% from a year earlier.
Valeo, whose products span windshield wipers, headlights and stop-start ignition systems, is focusing on technology promoting vehicle safety, comfort and pollution reduction to increase profitability. Aschenbroich pledged in March 2011 to boost annual revenue to 14 billion euros by 2015, propelled by sales of fuel-saving components.
) - Friday, October 18th, 2013 - filed under Industry
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