Faurecia has published consolidated sales of over €4.65 million in the first quarter of 2016, up 4.4% at constant exchange rates. Exchange rate variations negatively impacted the business activity by 1.5% during the period.
Product sales (parts and components delivered to OEMs) were around €3.58 million, a 4.6% increase year-on-year, and up 2.3% on a reported basis. Exchange rate variations negatively impacted the business activity by 1.7%.
Automotive seating product sales represented over €1.52 million, up 11.5%. European sales were up 18% driven by BMW (+89%) and Renault-Nissan (+31%). The segment is expected to continue to perform well in 2016.
Product sales increased 7.3% to over €1.87 million in Europe (including Russia), against around €1.76 million during the first quarter of 2015. European light vehicle production increased an estimated 2% with a 31% decline in Russian output. This good performance has been mainly attributed to strong sales to Renault-Nissan (+24%), BMW (+57%) and JLR (+11%).
In North America, product sales were down 1.4%, reaching just over €1.020 million compared with Q1 2015. Results are said to have been hit by FCA’s decision to idle the Chrysler 200 production for the entire Q1. Excluding FCA sales, product sales were up by over 2%. Sales to Ford grew 9% and those to Renault-Nissan, now Faurecia’s 3rd largest client in the region, increased over 9%.
In Asia, Faurecia continued to demonstrate solid product sales growth of 5.4% to just over €560 million. According the Group’s report, growth was mainly led by a 43% increase in Korea. In China, product sales contracted by 2% whilst production grew an estimated 4%. Production growth in China is said to have been completely captured by Chinese automakers as well as some international joint-ventures which have reduced their stocks in the first quarter of 2016. Sales to Chinese OEMs increased 31%.
In South America, product sales increased 5.5% to €86.9 million, a positive performance attributed to new programs starting for VW and PSA.
