Strong performance in the first half of the year, while building momentum on strategic priorities. Upgraded guidance for the full year
STRONG PERFORMANCE IN H1 2017
- Solid organic* growth in value-added sales of 8.5%, 550bps above worldwide automotive production growth (+3.0%, source: IHS Automotive June 2017), to €8.6 billion
- Strong growth of 20% in operating income, to €587 million
- Significant improvement in operating margin of 60bps, to 6.8% of value-added sales
- Double-digit growth in net income (Group share), up 28% to €314 million
UPGRADED GUIDANCE FOR FY 2017
- FY 2017 value-added sales growth of +7% (at constant currencies), around 500bps above worldwide automotive production growth (previous guidance dated Feb. 9, 2017 was “+6% (at constant currencies) or 400bps above worldwide automotive production growth”)
- FY 2017 operating margin between 6.6% and 7.0% of value-added sales (previous guidance dated Feb. 9, 2017 was “between 6.4% and 6.8% of value-added sales”)
- FY 2017 net cash flow above €350m (unchanged vs. guidance dated Feb. 9, 2017)
- FY 2017 earnings per share above €4.00 (previous guidance dated Feb. 9, 2017 was “around €4.00”)
- Fully on track to achieve 2018 ambitions
The 2017 half-year consolidated financial statements have been approved by the Board of Directors at its meeting held on July 20, 2017, under the chairmanship of Michel de Rosen. These financial statements have been subject to a limited review by auditors and their report is about to be issued.
Patrick KOLLER, CEO of Faurecia declared: "Our strong performance in the first half of the year, as regards both sales growth and profitability, reflects our strong operational performance in all regions and Business Groups. This performance, and our outlook for the second half of the year, allow us to upgrade our full-year guidance and strengthen our confidence that we are fully on track to achieve our 2018 ambitions. At the same time, we have accelerated in our strategic priorities, Sustainable Mobility, Smart Life on Board and Asia, through the establishment of important partnerships and commercial success. "
Read the full press release below.