Valeo has reported 1.1% growth in consolidated sales on a like-for-like basis for the first quarter of 2013, despite a 9% drop in automotive production in Europe.
“Valeo’s performance in the first quarter once again proved the strength of our strategy, which is based on innovations and the expansion of our business in Asia and emerging countries,” said Valeo CEO, Jacques Aschenbroich.
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“On the back of the ramp-up of our projects and an excellent performance in China and North America, the Group exported 1.1% growth in like-for-like sales and outpaced the market in the main automotive production regions, offsetting particularly strong economic headwinds in Europe.”
First-quarter 2013 consolidated sales remained stable at EUR3.04bn, up 1.1% on a like-for-like basis, with original equipment sales coming in at EUR2.56bn, stable on a like-for-like basis.
The impact of the marked downturn in the European market was offset by above-market growth in the main automotive production regions: up five percentage points in Europe, up eight percentage points in North America and up seven percentage points in China.
Aftermarket sales totalled EUR382m, up 3.5% on a reported basis and 4.2% like-for-like.
