French car parts maker Faurecia has posted a jump in third quarter sales and raised its full-year targets on expectations of sustained growth in the fourth quarter.
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Although growth in Europe has slowed following the run out of incentives schemes, carmakers and suppliers are increasingly counting on growth in regions including Asia and South America.
Faurecia said its third-quarter product sales more than doubled in North and South America and rose 65.1% in Asia. European product sales rose 10.9% compared with the third quarter of last year.
Faurecia increased its target for full-year operating profit to over EUR400m (US$559.2m) from the target of EUR340m ($476m) it had set in July. It added that it forecasts sales rising 17 to 19% this year, up from the 13 to 16% growth it saw in July.
The company also forecast net cash flow of more than EUR150m ($210) compared with the earlier target of EUR100m ($140).
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By GlobalDataFaurecia said overall third-quarter consolidated sales rose 44.1% to EUR3.2bn ($4.5bn). Product sales rose 32.4% to EUR2.5bn ($3.5bn).
