Car parts maker Forvia reports stronger Q1 sales (updated)
17/04/2023 06:42
(Adds details on results)
April 17 (Reuters) - Forvia, the European car parts
maker born from Faurecia's EPED.PA takeover of Hella HLE.DE ,
on Monday reported higher first-quarter sales despite persisting
uncertainty over semiconductor supply, supported by its
favourable geographic exposure and an additional month of Hella
consolidation.
"The first quarter of 2023 marked a good start of the year
for Forvia, with strong sales growth, despite a persistently
uncertain environment," CEO Patrick Koller said in an earnings
statement.
The automotive sector has been hit by several supply
problems stemming from the COVID-19 pandemic, including a global
chip shortage that has hit car production.
Forvia, which sells seats, dashboards and fuel systems to
carmakers, said its three main regions – EMEA, Americas and Asia
- all outperformed their geographies.
The group, which had said in February it planned to mitigate
the impact of inflation in 2023 through existing contractual
pass-through policies and continued negotiations with its
customers, saw a positive impact related to inflation of around
240 basis points in the first quarter.
The group recorded sales of 6.64 billion euros ($7.29
billion) in the first three months of 2023, compared with 5.15
billion euros last year. It said the numbers excluded Faurecia's
SAS Cockpit Modules arm which it agreed to sell in February.
The company also confirmed its 2023 and medium-term targets.
($1 = 0.9106 euros)
(Reporting by Lina Golovnya and Diana Mandiá in Gdansk; Editing
by Milla Nissi)
((lina.golovnya@thomsonreuters.com;
diana.mandiaalvarez@thomsonreuters.com))