Faurecia has posted first-quarter sales up 12.2% on an organic basis to EUR4bn (US$4.8bn).
The supplier noted double-digit organic growth for Seating, Interiors and Clean Mobility and organic growth of 5.7% for Clarion Electronics, despite the shortage of electronic components.
In all regions, there was “strong outperformance,” with sales in China exceeding pre-Covid sales of Q1, 2019. At Group level, Q1 sales performance continued to be impacted by a significant unfavourable geographic mix effect estimated at around 900bps.
Full-year financial targets confirmed:
Faurecia’s assumption worldwide automotive production should amount to 76.6m vehicles in 2021 remains valid, considering the current shortage of electronic components.
All full-year financial targets, as presented on 22 February, are confirmed:
- Sales ≥ EUR16.5bn and strong organic sales outperformance > +600bps
- Operating margin of 7% of sales, close to pre-Covid levels
- Net cash flow of EUR500m and net-debt-to-EBITDA ratio < 1.5x at year-end
“In Q1, our sales showed double-digit organic growth, with strong outperformance in all regions,” said Faurecia CEO, Patrick Koller. “Organic sales growth was solid across our different activities, despite the shortage of components during the quarter. Growth was particularly strong in China, where our sales exceeded pre-Covid sales of Q1, 2019.
“In Q2, even taking into account a negative impact from the shortage of electronic components, we will deliver very strong organic sales growth and outperformance, driven by the start of production of new programmes.
“We are fully on track to achieve all our financial targets for the year and our order intake objective.
“After the successful spin-off, Faurecia has now a free float of 85% with an enlarged international shareholder base and an increased share liquidity.”