Following the meeting of its board of directors today, Valeo released its sales figures for the third quarter of 2015.
Original equipment sales jumped 13%, up 7% on a like-for-like basis, beating global automotive production by almost 6 percentage points
Jacques Aschenbroich, Valeo’s Chief Executive Officer, commented:
“Our third-quarter 2015 sales performance demonstrates once again the solidity of our growth model based on technological innovation in the areas of CO2 emissions reduction and intuitive driving, a more diverse customer portfolio and the geographic balancing of the Group’s businesses. Despite the slowdown in the Chinese automotive market and the sharp tailoff in South American markets, Valeo’s growth continues to outpace automotive production, with sales accelerating by 7% on a like-for-like basis in the third quarter.”
Third-quarter 2015
- Consolidated sales of 3,449 million euros, up 12% (7% on a like-for-like basis)
- Original equipment sales of 2,990 million euros, up 13% (7% on a like-for-like basis), outpacing global automotive production by 6 percentage points:
- Europe: up 13%(1), 8 percentage points higher than automotive production
- China: up 1%(1), 6 percentage points higher than automotive production
- Asia (excluding China): up 2%(1), 1 percentage point higher than automotive production
- North America: up 3%(1), 3 percentage points lower than automotive production
- South America: down 18%(1), 2 percentage points higher than automotive production
- Aftermarket sales of 387 million euros, up 6% (4% on a like-for-like basis)
2015 outlook
Based on the following assumptions:
- an increase in global automotive production(2) of between 1% and 2%, including:
- around 7% in Europe excluding Russia
- between 0% and 2% in China
- raw material prices and exchange rates in line with current levels;
Valeo confirms its full-year guidance as upwardly revised on July 27, 2015:
- sales growth outperformance in the main production regions, including China;;
- operating margin(3) (as a % of sales) higher than in 2014, with a slight increase in operating margin (as a % of sales) in the second half of 2015 as compared to the first half.
