Faurecia has posted first quarter consolidated sales up 4.4% to EUR4.7bn (US$5.3bn), although exchange rate variations negatively impacted business activity by 1.5%.
Product sales – parts and components delivered to automakers – totalled EUR3.6bn during the first quarter of 2016 – up 4.6% like-for-like and up 2.3% on a reported basis.
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Monolith sales were up 1% like-for-like at EUR816.5m and down 11.5% on a reported basis.
Development, tooling and prototype sales reached EUR253.5m up 16.2% like-for-like and up 13.4% on a reported basis.
“Based on actual Q1, 2016 results and on current trends – positive in Europe but still uncertain in China and as expected in North America – Faurecia fully confirms the guidance given in February 2016,” noted a Faurecia statement.
The supplier is also forecasting total sales growth up 1%-3% (at constant exchange rates and scope) and operating margin improvement of between 20bp and 60bp to 4.6%-5.0%. (2015 continued operations: 4.4%, EUR830m)
It also estimates net cash flow of around EUR300m (2015: EUR303m).
Separately, the supplier also announced three changes in the governance structure of the Group. From 1 July this year, the functions of chairman of the board and CEO will be split.
Patrick Koller will take up the CEO position and Yann Delabrière will be chairman of the board of directors.
The change comes after a period of transition during which Patrick Koller has been COO since February 2, 2015.
