Automotive supplier, Faurecia, has posted consolidated net income plunging to EUR120m (US$145m) from EUR185.8m for the first six months of this year as European woes continue to extract profit from the industry.
In Europe, product sales were at EUR3.9bn, down 4.6% in line with Faurecia forecasts announced in February.
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The downturn in European production – excluding Japanese automakers – in the first half estimated at 6% – should also be considered to put this figure into perspective, said the supplier.
In Europe 49% of Faurecia’s product sales were posted with German automakers – Volkswagen, BMW, Daimler and Porsche – representing growth of four percentage points compared with the same period in 2011.
A statement from Faurecia noted: “The contrasting nature of automobile production should continue in the second half, with Europe’s automobile production maintaining its downward trend compared with 2011, but other regions maintaining their growth.”
Faurecia is forecasting 2012 operating income of between EUR560m and EUR610m compared with EUR610m-EUR670m in February 2012).
Further details are expected from Faurecia later today (24 July).
