Forvia reports outstanding growth across the board in Q3

Worldwide
Published:  25 October, 2022
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Automotive tier-1 supplier and manufacturer Forvia has reported its financial results for the third quarter of the 2022 fiscal year.

The company, formed after automotive tier-1 Faurecia acquired Hella in January 2022, achieved sales in the period of €6.6 billion, up by 92% on a reported basis and 31% on an organic basis.

Forvia noted that sales included a “Q3 scope effect of €1.8 billion or 54% of last year’s sales related to the consolidation of Hella since February 1”.

Worldwide automotive production for Q3 of 2022 totalled 20.5 billion units, an increase of 29.5% over the same period in 2021.

The company notes that this result was strongly impacted by a favourable comparable base in Q3 2021, which was impacted by semiconductor shortages.

Europe made up the majority of the group’s consolidated sales for the third quarter at 40%, totalling €2.65 billion and up by 97.7% year-on-year.

North America accounted for 26% of the total, bringing in €1.73 billion and up by 91.3%. Asia was 29% of the total with €1.93 billion and up by 92.5%, while the “rest of the world” was 5% of the total at €292 million and up by 58.4%.

Looking at the business groups, seating accounted for 30% of group consolidated sales and totalled €1.96 billion for the period, up by 50.2%. Meanwhile, interiors was 20% of the total at €1.33 billion and was up by 33.7% year-on-year.

Sales guidance for the full 2022 financial year has been upgraded to a forecast of €24.5-25.5 billion, with an operating margin expected to be around 4-5% of sales.

Patrick Koller, CEO of Faurecia, said: “Forvia recorded strong sales growth in the third quarter, reflecting market outperformance and the consolidation effect of Hella, as well as a favourable comparable base in terms of worldwide automotive production.

“During the quarter, we outperformed in all our main geographies: in Europe, where semiconductor availability has marginally improved, but also in North America and in China, which has posted a strong recovery after Covid-related lockdowns in key cities.”