PARIS (Bloomberg) -- Valeo's first-quarter sales jumped 42 percent a result that “validated the group's growth strategy,” CEO Jacques Aschenbroich said in the statement Thursday.
The sales increase came as government-backed sales incentives spurred carmakers to build more vehicles.
Revenue rose to 2.31 billion euros ($3.07 billion) from 1.62 billion euros in the year-ago quarter, Paris-based Valeo, France's second-largest auto parts supplier, said in a statement.
Sales to carmakers jumped 51 percent, outpacing a 44 percent increase in global auto production.
Valeo, whose products include headlamps, hands-free parking devices and fuel-saving stop-start systems, said last month that it will focus on vehicle safety, comfort and fuel efficiency.
In his first major strategy presentation since becoming CEO last year, Aschenbroich also pledged on March 10 to achieve a 30 percent overall return on capital and double revenue from fuel-saving components to 1 billion euros by 2013.
The company said today that it expects second-quarter sales to match figures of the first three months, amid a “slight drop” in European automotive production as the government sales subsidies are phased out.