At 9:26, the action group lost 6.5% to 42.03 euros, thus showing the largest decline in the SBF120 (-0.2%).
The automotive supplier, which was 46.34% owned by PSA, posted third-quarter sales of 4.185 billion euros, down 3.7% at constant exchange rates and excluding the impact of the acquisition. from the Japanese specialist in embedded electronics Clarion. On a reported basis, sales rose by 4.3%.
"Q3 revenue is slightly below expectations as the decline in seat sales is more pronounced than expected," comments Jefferies in a note.
In this business, which accounts for 40% of Faurecia's sales, the end of several programs previously announced – notably with Daimler and PSA – further reduced sales by 179 million euros in the third quarter, but should decrease from the fourth quarter.
On the other hand, the impact of the General Motors plant strike in the United States, which began on 16 September and weighed in at 23 million euros in the third quarter, is expected to increase over the current month. GM and the United Auto Workers union have reached an interim agreement to end the conflict, but it still needs to be ratified by all members. of the UAW.
Despite the global market downturn, Faurecia has maintained its 2019 targets. It still aims to increase operating profit by value and an operating margin of at least 7%, although it now expects a 6% drop in light vehicles in 2019, compared with -4% expected so far. (Gilles Guillaume, edited by Jean-Michel Belot)
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https://fr.reuters.com/article/frEuroRpt/idFRL5N2721ON
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