Forvia posts slightly lower Q3 sales as Chinese sales fall (updated)
21/10/2024 06:51
(Updates with quote paragraph 3, background paragraph 4)
Oct 21 (Reuters) -
Forvia FRVIA.PA , the world's seventh largest car parts
supplier by revenue, on Monday reported slightly lower
third-quarter sales compared with the same period a year ago.
Sales for the third-quarter reached 6.53 billion euros
($7.09 billion), a 2.6% decrease year-on-year, while Chinese
sales fell 13.5%.
"In China, conversely and as expected, we underperformed
the local automotive production in the past quarter, due to
customer mix evolution and start of productions delayed from
2024 to 2025" said Forvia's CEO Patrick Koller in a statement.
In late September, Forvia
cut
its annual sales and profit forecasts for the second time
in three months, reflecting weakness in the European and North
American markets and delays in China.
($1 = 0.9207 euros)
(Reporting by Nathan Vifflin and Mara Vilcu; editing by Matt
Scuffham)
((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))