Forcia’s first-quarter sales were € 4 billion (US $ 4.8 billion), up 12.2% on an organic basis.
Supplier noted double-digit organic growth in seats, interiors and clean mobility, and 5.7% organic growth in Clarion Electronics, despite a shortage of electronic components.
With “strong outperformance” in all regions, sales in China exceeded pre-Covid sales in the first quarter of 2019. At the group level, first-quarter sales continued to be affected by a significant unfavorable geographic mixing effect estimated at around 900bps.
Confirmed year-round financial targets:
Given the current shortage of electronic components, Forcia’s global automotive production assumption of 76.6 million units in 2021 remains valid.
All year-round financial targets have been confirmed, as presented on February 22nd.
- With sales of over € 16.5 billion, intrinsic sales exceed +600 bps.
- 7% of sales operating profit, close to pre-Covid level
- € 500 million net cash flow and net debt to EBITDA ratio less than 1.5 times at the end of the year
“First-quarter sales showed double-digit organic growth and strong outperformance in all regions,” said Patrick Coller, CEO of Faurecia. “Despite a shortage of parts during the quarter, organic sales growth was strong through a variety of activities, especially in China, which exceeded pre-Covid sales in the first quarter of 2019.
“In the second quarter, we will deliver very strong organic sales growth and outperformance, driven by the start of production of new programs, even taking into account the negative impact of the shortage of electronic components.
“We are on track to reach all our financial and ordering goals for the year.
“After a successful spin-off, Forcia now has an 85% free float, expanding its international shareholder base and increasing equity liquidity.”
View press release
Original source: https: //www.faurecia.com/en/newsroom/q1-2021-sales-122-organic-basis-all-regions-strong-outperformance-full-year-financial-targets-confirmed
Forcia First Quarter Sales Up 12% € 4 Billion | Automotive Industry News
Source link Forcia First Quarter Sales Up 12% € 4 Billion | Automotive Industry News