Faurecia, seating loses 10%: the third quarter doesn’t take off

Faurecia does well, not great. During the third quarter of the fiscal year, the manufacturer of automotive components increased its revenue by 4.3%, successfully reaching the target 4.18 billion Euro it had set. Regardless, the performance was slightly below the analysts’ forecasts. Faurecia’s sales, between July and September at constant rates, decreased by 3.7%. The French group recognized that sales were “slightly below” the 3.1% decrement in the number of cars produced at an international level. At the same time, the company’s CEO

Patick Koller, highlighted how “the company’s sales from the start of the year have been overperforming in comparison to the production volumes of the automotive sector by 300 base points”.

Record Orders

“Regardless of market concentrations during the entire year, our resilience and agility allow us to follow our strategy fully for the remainder of the year. Moreover, we are moving towards a record year with regards to number of orders”, added Mr. Koller. Significant advantages, the manager says, will follow the restructuring currently taking place: “During the quarter, we have announced a significant restructuring plan to reduce costs in Clarion, in line with our schedule”, continued Koller. Sales of the Seating division in the third quarter accounted for 40% of the group’s revenue: about 1.571 billion euro, down 9.9% in comparison to the 1.743 billion made during the third quarter of the previous year.

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