{"id":8988,"date":"2021-10-26T03:57:12","date_gmt":"2021-10-26T07:57:12","guid":{"rendered":"https:\/\/autosector.com\/auto\/?p=8988"},"modified":"2021-10-26T03:57:12","modified_gmt":"2021-10-26T07:57:12","slug":"faurecia-q3-group-sales-down-10-4-to-eur3-4bn","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=8988","title":{"rendered":"Faurecia Q3 Group sales down 10.4% to EUR3.4bn – Just Auto"},"content":{"rendered":"

Faurecia has posted third-quarter Group sales down 10.4% to EUR3.4bn (US$3.9bn).\n<\/p>\n

Despite the drop, the French supplier noted all business groups and regions posted significant outperformance, while Clarion Electronics and Asia recorded organic growth of 7.3% and 6.5% respectively.\n<\/p>\n

On 23 September, 2021, Faurecia adjusted its FY 2021 guidance to reflect the strong reset released by IHS Markit of worldwide automotive production forecast, from 77m to 72m units for the full-year, 2021.<\/p>\n

Based on this forecast, Faurecia confirms its 2021 financial targets as recently adjusted:\n<\/p>\n

\u2022 Sales of around EUR15.5bn and strong organic sales outperformance > +600bps
\u2022 Operating margin of 6% to 6.2% of sales
\u2022 Net cash flow of around EUR500m and net-debt-to-EBITDA ratio \u2264 1.5x at year-end<\/p>\n

Hella acquisition process on track:\n<\/p>\n

\u2022 Takeover Offer launched on 27 September to end on 11 November
\u2022 Antitrust clearances underway, expected closing early 2022, confirmed
\u2022 Faurecia and Hella launched the project \u2018One,\u2019 to be ready at closing\n<\/p>\n

\u201cMarket conditions remained tough in the past quarter, impacted by adverse supply chain conditions, primarily semiconductors, that impacted automotive production and generated high volatility in OEM programmes,\u201d said Faurecia CEO, Patrick Koller.\n<\/p>\n

\u201cIn these challenging conditions, Faurecia nevertheless reached a solid sales outperformance and confirms its capability to achieve a strong operating leverage in 2021. <\/p>\n

\u201cOn top of tightly managing the short-term performance, we are also focusing on successfully closing the acquisition process of Hella and prepare our companies to combine their strengths and create strong value for all stakeholders.\u201d\n<\/p>\n

https:\/\/www.faurecia.com\/en\/newsroom\/third-quarter-2021sales<\/em>\n<\/p>\n

<\/p>\n