French supplier, Faurecia, is insisting its performance outside Europe is evidence of solid growth, although concedes the Continent is proving a significant headache.
The component manufacturer posted first half consolidated net income this morning (24 July) of EUR120m (US$145m), with European product sales down 4.6% to EUR3.9bn.
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“Most of the retreat in revenue is in Europe – the rest of the activity is going pretty well,” a Faurecia spokesman in Paris told just-auto attributing the remarks to the supplier’s chief executive, Yann Delabriere.
“The most affected figures were Europe – what we call operating margin was negatively impacted mostly by Europe. If we did not have that, we would probably still be growing. If you look at the rest of the activity, it is growing fairly well outside Europe.”
The Faurecia spokesman pointed to an increase outside Europe of 29%, with North America up 22% on a like-for-like basis, Asia up 28%, China, 14% and South Korea, 21%.
Faurecia was keen to highlight the performance of German OEMs such as BMW, Daimler, Porsche and Volkswagen as some bright spots in the European gloom.
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By GlobalData“We have a strong share in our sales that go to to German OEMs,” he said. “These are faring best in northern Europe.”
Faurecia is forecasting 2012 operating income of between EUR560m and EUR610m compared with EUR610m-EUR670m in February 2012.
