Renault, which is briefly shutting several French factories next week, on Friday (28 October) said third quarter group revenues rose 11.9% year on year to EUR9,745m.
Automotive revenues rose 12.0% on strong sales and the group set a volume record with 632,412 units, up 6.7%, driven by growth in markets outside Europe, especially Brazil and Russia.
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The group reported record volume outside Europe, up 21.9% to 305,064 units, and increased its market share in all international markets.
It confirmed its full-year objective of an automotive operational free cash flow above EUR500m for 2011.
“Following the supply constraints that impacted sales activity in the first half and the start of the third quarter, the group was in a position to deliver vehicles to customers, particularly those with diesel engines that had built up in the order book in Europe,” Renault said in a statement. “The group continued its offensive outside Europe with sales growth outstripping the market in all the markets.”
Outlook
Renault said global automotive markets and group activity in the third quarter were “in line with expectations” while macro-economic uncertainties, especially in Europe, had not yet had a notable impact on automotive demand.
“In this context, the group expects a 3% increase in the global [passenger car and light commercial] markets in 2011, with the European market stable and the French market down 3%.
“As a result of its order book in Europe and strong international sales momentum, the group expects to post higher sales volumes and revenues than in 2010… [and] a ratio of capital expenditures and R&D below 9% of revenues.”
