Faurecia raises outlook after first-half profit rises ten per cent

Faurecia raised its 2018 outlook after reporting that first half profit at the supplier rose 10.2 percent.

Faurecia, 46-per cent owned by PSA Group, said its first-half net profit rose to 342 million Euro, while sales climbed 5.2 per cent to 8.99 billion Euro from a year ago.

The company raised its outlook, saying it would target earnings per share (EPS) of more than 5 Euro, compared with a previous EPS target of 5 Euro.

“We delivered a very robust performance in the first half of the year again, ahead of our roadmap,” Faurecia CEO Patrick Koller said. “Taking into account this strong performance, we upgrade our guidance for the year and fully confirm our 2020 financial targets as presented at our recent capital markets day.”

Faurecia is targeting sales growth of more than seven per cent per year to reach 20 billion Euro by 2020, compared with its 2017 turnover of 16.96 billion Euro.

Source: Automotive News