Valeo sales advanced 8% in the third quarter of 2017 to EUR4.3bn (US$5.05bn).
Jacques Aschenbroich, Valeo’s chairman and chief executive officer, commented: “Since the start of the year, sales growth, at 14%, has outpaced automotive production by 5 percentage points on a like-for-like basis in line with our road map, which provides for an acceleration in medium-term growth. This growth is driven by the high order intake recorded over recent years, which is attributable, in particular, to our innovations in vehicle electrification and intuitive driving.
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“The Valeo Siemens order intake – which amounted to EUR5.4bn over the first nine months of the year – positions us as the leading player in hybrid and electric vehicles.”
Third-quarter 2017:
- Consolidated sales of EUR4,301m, up 8% (up 5% on a like-for-like basis).
- Original equipment sales of EUR3,751m, up 8%, or 6% on a like-for-like basis, outpacing global automotive production by 4 percentage points after taking into account the negative 1.2 percentage point impact of the tense geopolitical context between China and South Korea.
- Europe: up 5%, 1 percentage point higher than automotive production (excluding Russia: 2 percentage points higher)
- China: up 16%, 16 percentage points higher than automotive production
- Asia excluding China: up 9%, 1 percentage point higher than automotive production after taking into account the negative impact of the tense geopolitical context between China and South Korea
- North America: up 1%, 9 percentage points higher than automotive production
- South America: up 19%, 1 percentage point lower than automotive production.
- Aftermarket sales up 7% (up 2% on a like-for-like basis).
In the first nine months of the year:
- Consolidated sales of 13,765m, up 14% (up 8% on a like-for-like basis).
- Original equipment sales of 11,986m, up 13%, or 8% on a like-for-like basis, outpacing global automotive production by 5 percentage points after taking into account the negative 1.2 percentage point impact of the tense geopolitical context between China and South Korea.
- Aftermarket sales up 12% (up 4% on a like-for-like basis).
Finalisation of the acquisition of FTE Automotive and Valeo-Kapec joint venture:
- Having been authorised by the European Commission, the FTE Automotive acquisition should be finalised in late October 2017, subject to approval from the Turkish antitrust authorities.
- The formation of the Valeo-Kapec joint venture should be completed by the end of 2017, as Valeo has received clearance from the relevant antitrust authorities.
