Tier one components supplier Valeo has booked a 17% rise in net income to EUR427m and operating margin of 6.5% on sales up 13% to EUR10.9bn.
Original equipment sales grew 16% and its order intake was up 19% to a record EUR14.9bn.
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Earnings per share rose 17% to EUR5.68.
The company said second-half 2011 OEM sales climbed 18% and, following the acquisition of Niles, OEM sales in Asia, which accounts for 25% of its OEM volume, grew 40%.
For 2012, Valeo sees 3% to 4% growth in global automotive production, despite a 5% decline in Europe, raw materials prices remaining at current levels and above-market growth in each of its main production regions.
It expects to achieve an operating margin comparable to 2011’s 6.5%.
CEO Jacques Aschenbroich said: “Thanks to the efforts of our teams, Valeo’s strong momentum in 2011 was reflected in the 13% sales growth and record order intake.
“Our new product portfolio, combined with a dual focus on developing products that reduce CO2 emissions and on expanding our business activities in Asia and emerging markets, means that Valeo is perfectly equipped to continue on its growth trend and to demonstrate the sustainability of its financial performance.”
