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April 20, 2010

FRANCE: Faurecia unveils sharp Q1 sales improvement

French car parts maker Faurecia has posted consolidated sales up 59.5% for the first quarter of this year of EUR3.2bn (US$4.3bn), with like-for-like Q1 growth up 32.2%

French car parts maker Faurecia has posted consolidated sales up 59.5% for the first quarter of this year of EUR3.2bn (US$4.3bn), with like-for-like Q1 growth up 32.2%.

Faurecia, which is majority owned by PSA Peugeot Citroen, said product sales, comprising delivery of parts and components to automakers, were up 40.7% to EUR2.5bn compared to the same period last year

Sales of monoliths, included in exhaust system catalytic converters, were EUR487m, up 26.6%

Billing for development, tooling and prototype costs totalled EUR181m, down 23.8% compared to the first quarter of 2009, which saw high billing for General Motors and Chrysler.

European product sales totalled EUR1.76bn, up 31.1%*in line with automotive production for the period, while North American, product sales stood at EUR422m m up 68.3%.

In South America, product sales were EUR111m, up 40% and for Asia sales rose 91.6%, to EUR193m.

Automotive seating sales rose 36.7% to EUR1.06bn an increase of 36.7 % overall, but specifically 25.2% up in Europe and 78.1% up in North America.

Driven by sales of the Peugeot 206 and Renault Logan Sandero, sales rose 84.1% in South America and up 121% in Asia, boosted by the launch of the Citroën C4 and healthy sales for the Nissan Teana and the Volkswagen Golf.

For interior systems, sales were EUR670m, up 46.3% with the same percentage rise seen in Europe with the launch of the of the new Citroën C3 and sales of the Ford Fiesta and Mercedes S-Class

North America interior systems sales increased 55.7%, while those in South America and Asia rose 34.8% and 73.9% respectively.

Emissions Control Technologies sales totalled EUR563m, up 46.1% with sales up 27.6% in Europe, 67.7% in North America; 19.8% in South America; 74.2% in Asia (82.5% in China and 57.6% in South Korea).

For automotive exteriors, product sales were EUR239m, up 32.9% with a significant 97% of sales coming from Europe.

Faurecia notes its much-improved first quarter sales lead it to estimate an initial first half 2010 growth of 15%.

“Given the level of activity expected in the second quarter, growth in product sales should reach 28-30%, at constant exchange rates and on a comparable basis.” adds the car parts maker.

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