Valeo has unveiled third-quarter sales up 16% to EUR3.9bn (US$4.3bn), while nine-month consolidated sales came in at EUR12.1bn , up 13%.
“Our sales grew by a vigorous 16% over the third quarter of the year, once again illustrating the strength of our growth strategy,” said Valeo chairman and CEO, Jacques Aschenbroich.
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“Thanks to our solid growth and especially the out-performance of our original equipment sales on world markets, we are raising our full year 2016 target operating margin to around 8% (as a percentage of sales), despite the increase in net R&D expenditure to fuel the Group’s future growth in CO2 emissions reduction and intuitive driving.”
Third-quarter 2016:
. Consolidated sales of EUR3,994m, up 16% as reported and 12% on a like-for-like basis.
. Original equipment sales of EUR3,472m, up 16% as reported and 12% on a like-for-like basis, outpacing global automotive production by seven percentage points:
. Europe: up 9%, ten percentage points higher than automotive production.
. China: up 39%, 16 percentage points higher than automotive production.
. Asia excluding China: up 7%, seven percentage points higher than automotive production.
. North America: up 7%, four percentage points higher than automotive production.
. South America: up 10%, 25 percentage points higher than automotive production.
. Aftermarket sales up 8% as reported and 5% on a like-for-like basis.
First nine months of 2016:
. Consolidated sales EUR12,124m, up 13% as reported and 11% on a like-for-like basis.
. Original equipment sales of EUR10,578, up 14% as reported and 12% on a like-for-like basis, outpacing global automotive production by nine percentage points.
. Aftermarket sales up 5% as reported and 6% on a like-for-like basis.
For 2016, Valeo is raising its full-year 2016 target operating margin to around 8% (as a percentage of sales), despite the increase in net R&D expenditure to fuel the Group’s future growth and is also confirming its objective of achieving strong sales growth, outperforming the market in the main production regions, including China.
