PARIS -- PSA/Peugeot-Citroen reported a 2 percent gain in first-quarter revenue as a recovery in its home region and expansion in China boosted deliveries.
Sales increased to 13.3 billion euros ($18.4 billion) from 13 billion euros a year earlier, PSA said in a statement today.
PSA said the stronger numbers were "supported by the recovery of the European market and by strong growth in China."
PSA's global deliveries advanced 8 percent to 725,917 passenger vehicles, led by gains of 16 percent in Europe and more than 18 percent in China, while Russian and Latin America sales fell.
The stronger sales in Europe and China also helped to overcome the effects of a weaker Russian ruble, Argentinian peso and Brazilian real against the euro, as currency headwinds reduced revenue by about 5 percent, the company said.
"It's been a very positive quarter that has allowed the group to return to revenue growth," Chief Financial Officer Jean-Baptiste de Chatillon said. "Our priority is to make our group profitable again. Our first focus is our pricing power and the strict management of our prices."
The improved quarterly numbers contrast with the 0.1 percent revenue decline reported Thursday by domestic rival Renault, which is more competitive in emerging markets but more exposed to their fluctuations.
"PSA's first-quarter results this morning showed stronger growth than at Renault," London-based ISI Group analyst Erich Hauser said in a note. "Europe is coming back strongly and the model cycle is supportive."
PSA has received 70,000 orders for the Peugeot 308 hatchback, which in March won Europe’s Car of the Year award. The Citroen C4 Picasso is also selling well, with 60,000 orders for the five-seat variant and 35,000 for the seven-seat version, the automaker said today.