Valeo has recorded first-half net income up 34% to EUR343m (US$381m), while sales rose 15% to EUR7.3bn.
“Valeo’s results for the first half of 2015 reflect the hard work carried out by our teams over the past few years to develop a more diverse customer portfolio, strengthen our products’ technological advantage and further align the Group’s businesses geographically,” said Valeo CEO, Jacques Aschenbroich.
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“Furthermore, the figures demonstrate the strength of Valeo’s growth model in any market conditions.
“Our record order intake – which stands at EUR10.7bn – and the 15% growth in sales reflect the commercial success of technologies developed by the Group for CO2 emissions reduction and intuitive driving.
“This growth was accompanied by a 23% increase in our operating margin, a 34% increase in net income and a doubling of free cash flow. These first-half results put Valeo ahead of schedule in terms of the medium-term plan presented at our Investor Day in London on March 16, 2015.”
Valeo is raising its full-year 2015 guidance, as follows: sales growth outperformance in the main production regions, including China; operating margin – as a % of sales – higher than in 2014, with a slight increase in operating margin – as a % of sales – in the second half of 2015 compared to the first half.
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