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Faurecia Hikes Outlook as Income Surges
Faurecia SA’s net income in the first half of 2016 surged 56% to €245 million ($269 million) as sales rose less than 1% to €9.5 billion ($10.4 billion).
The French supplier’s operating income for the period climbed 28% to €490 million.
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Faurecia SA’s net income in the first half of 2016 surged 56% to €245 million ($269 million) as sales rose less than 1% to €9.5 billion ($10.4 billion).
The French supplier’s operating income for the period climbed 28% to €490 million. Net cash flow fell 34% to €245 million. The company, which is 47% owned by PSA Group, notes that its sales to Renault SA and Ford grew 18% and 11%, respectively, in January-June.
By region, Faurecia’s sales in the first half of the year gained 6% to €3.8 billion ($4.2 billion) in Europe but dropped 4% to €2.1 billion ($2.3 billion) in the U.S. and fell 4% to €1.1 billion ($1.3 billion) in Asia.
Citing “very significant” growth in new orders, the company raised its full-year outlook. It now expects an operating margin on total sales will be at least 5%, up from the previous guidance of 4.6%-5%. Sales growth and net cash flow forecasts are unchanged at 1% and €300 million ($330 million), respectively.
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