Valeo has recorded third-quarter sales up 8% to EUR4.8bn (US$5.3bn) and is confirming its guidance, excluding the one-off impact of the General Motors strike in the US.
“In line with our forecasts, our outperformance accelerated in the third quarter in all of our Business Groups and production regions, including China,” said Valeo chairman and CEO, Jacques Aschenbroich.
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“This was driven by a customer/product mix that moved back into favourable territory and by the gradual start of production under contracts in the camera, electrification and lighting segments.
“To continue the action plan launched in the first half of the year, we are continuing to roll out our programme to reduce costs by more than EUR100m and further scaling back our capital expenditure by around EUR200m.
“This will help improve our operating margin and free cash flow generation in the second half of the year. We confirm our guidance excluding the impact of the General Motors strike.”
