2019 third quarter sales
Q3 sales slightly below worldwide automotive production.
2019 guidance fully confirmed
|
In M€ |
Q3 2018 |
Q3 2019 |
YoY change |
9m 2018 |
9m 2019 |
YoY change |
|
Group sales |
4,014 |
4,185 |
4.3 % |
13,005 |
13,157 |
1.2 % |
|
At constant currencies and excl. Clarion |
-3.7 % |
-3.1 % |
9-MONTH SALES AT €13,157m, REPRESENTING A STRONG OUTPERFORMANCE OF 290bps
Q3 SALES AT €4,185m, SLIGHTLY BELOW WORLDWIDE AUTOMOTIVE PRODUCTION
Up 4.3% on a reported basis, including:
- A scope effect of €256m due to the consolidation of Clarion
- A limited bolt-on contribution of €14m, vs. €164m in H1
own 3.7% at constant currencies and excluding Clarion, impacted by:
- A peak effect of -4.5% or €179m due to the phasing of the already announced Seating EoPs (End of Production); this effect will reduce as from Q4
- An effect of -0.6% or €23m due to the GM strike in the US
Interiors and Clean Mobility significantly outperformed worldwide automotive production
2019 GUIDANCE FULLY CONFIRMED
- Sales growth outperformance of between 150 and 350bps (at constant currencies and excluding Clarion consolidation)
- Operating income increase in value and operating margin of at least 7% (including Clarion consolidation as from April 1)
- Net cash flow of at least €500m (including Clarion consolidation as from April 1)
Since the beginning of the year, our sales posted a solid outperformance versus automotive production of close to 300 basis points. Despite the market degradation throughout the year, our resilience and agility allow us to fully confirm our guidance for the year. In addition, we are on track for a record year of order intake in 2019.
Despite current market conditions, we maintain the pace of our strategic transformation. A few days ago, we announced our project to acquire the remaining 50% stake of the SAS joint venture. This acquisition would expand our systems integration offer to cover all interior modules and strengthen our Just in Time plant network. During the quarter, we have also announced a significant cost reduction plan for Clarion, in line with our profitable growth roadmap for our new Business Group, Faurecia Clarion Electronics.
We look forward to sharing our strategy update and medium-term perspectives at our Capital Markets Day to be held in Paris on November 26.
A conference call for financial analysts and media will be held today at 8:00 am (Paris time).
Dial-in numbers:
- France: +33 (0)1 70 73 27 27
- UK: +44 (0)203 009 5710
- USA: +1 917-720-0178
No access code needed. A replay will be available as soon as possible after the call.
The financial presentation accompanying the conference call will be available at 7:30 am today (Paris time) on this page.