Valeo’s sales in the first quarter of 2005 dropped 1.6% year on year to €2,324 million. The group estimated that automobile production in its markets fell by around 3%.
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Gross margin for the quarter was down 7.6% to €377 million.
Operating income was €55 million euros compared with €88 million in Q1 2004. The reflected the higher cost of raw materials, lower sales and, to a lesser extent, an increase in net research and development costs.
Net income was €25 million compared with €105 million euros in first quarter 2004.
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