Valeo says that its original equipment sales jumped 13%, up 7% on a like-for-like basis, beating global automotive production by almost 6 percentage points.
The company also said that consolidated sales were up 12% to EUR3,449m, up 12% (7% on a like-for-like basis). Original equipment sales were put at EUR2,990m, up 13% (7% on a like-for-like basis).
OE sales trends were also broken out by major regions:
- Europe: up 13%, 8 percentage points higher than automotive production
- China: up 1%, 6 percentage points higher than automotive production
- Asia (excluding China): up 2%, 1 percentage point higher than automotive production
- North America: up 3%, 3 percentage points lower than automotive production
- South America: down 18%, 2 percentage points higher than automotive production
Third quarter aftermarket sales were put at EUR387m, up 6% (4% on a like-for-like basis).
Jacques Aschenbroich, Valeo's Chief Executive Officer, commented: "Our third-quarter 2015 sales performance demonstrates once again the solidity of our growth model based on technological innovation in the areas of CO2 emissions reduction and intuitive driving, a more diverse customer portfolio and the geographic balancing of the Group's businesses. Despite the slowdown in the Chinese automotive market and the sharp tailoff in South American markets, Valeo's growth continues to outpace automotive production, with sales accelerating by 7% on a like-for-like basis in the third quarter."
Valeo also confirmed its full-year guidance:
- 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 as compared to the first half.