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Faurecia records H1 net income up 1% to EUR346m

By Simon Warburton | 24 July 2019

Faurecia has posted first-half net income up 1% to EUR346m (US$386m).

The supplier said its three historical Business Groups outperformed worldwide automotive production.

All regions except North America - impacted by the end of production of a significant seating programme for Daimler in Cottondale - outperformed local automotive production

Operating margin was 7.3% of sales, excluding Clarion.

Faurecia had net cash flow of EUR257m, while net income included a higher restructuring impact to adapt to market conditions and costs related to the acquisition of Clarion.

"The first half of the year was tougher than expected, mostly due to significantly lower production volumes in China," said Faurecia CEO, Patrick Koller. "In this context, we demonstrated again our ability to deliver a very resilient performance."

"Since we took control of Clarion, we have put in place a strong organisation for Faurecia Clarion Electronics, combining Faurecia and Clarion competencies.

"We are currently focused on executing a significant cost reduction plan and we will present our strategic plan and profitable growth roadmap for the new Business Group at our Capital Markets Day, on November 26.

"Our first-half performance and forecast for the second half allow us to confirm our guidance for the full-year."