Faurecia first-quarter sales rise on N. America, Asia demand
PARIS (Reuters) -- French supplier Faurecia, the world's biggest maker of car interiors and exhaust systems, confirmed its full-year targets after posting an 8.4 percent gain in quarterly sales, helped by strong demand in North America and Asia.
Sales in the three-month period -- up 6 percent on a like-for-like basis and at constant exchange rates -- totaled 4.3 billion euros ($5.64 billion).
Faurecia reiterated its forecast for annual sales of between 16.3 million to 16.7 billion euros and operating income of between 610 million to 670 million euros.
Faurecia, which also makes seats and plastic car body parts for clients including the Audi brand, is expanding in the United States and Asia. North American sales surged 25.5 percent in the quarter, while Asian sales jumped 15.7 percent including an 11.1 percent rise in China.
Faurecia said in a statement that its first-quarter sales were indicative of an improving geographical mix and an enlarged client portfolio.
This year, the company's shares have gained about 9 percent, giving the company a market capitalization of about 1.8 billion euros.
Faurecia ranks No.6 on the Automotive News Europe list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $18.2 billion in 2010.Contact Automotive News