French car parts maker Valeo has raised its year-on-year sales growth forecast for the current quarter to 17% from a previous target of 6.8%, citing favourable market conditions.
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The company said that cash flow and operating margin would improve versus the third quarter of 2009, helped by its fixed-cost reduction program. Last month, Valeo said it expected fourth-quarter sales to be in line or slightly lower than in the third quarter.
It said in a statement: “”Vehicle scrapping schemes, mainly in Europe, and the strong recovery of automotive production in emerging, mainly Asian countries, are the two main factors behind this performance.”
