Auto parts supplier OPMobility posts higher third-quarter revenue (updated)

Opmobility SE

28/10/2024 08:14

(Adds detail, CEO quotes throughout)
    By Mathias de Rozario
       Oct 28 (Reuters) - French auto parts supplier OPMobility
 OPM.PA  posted higher third-quarter revenue on Monday, boosted
by sales at its modules and exteriors units.
    Its shares rose 11% by 0800 GMT, making it the biggest
gainer on France's SBF120  .SBF120  index.
    The group's consolidated revenue, the only metric it
published for the three months to end-September, rose to 2.46
billion euros ($2.65 billion) from 2.39 billion euros a year
ago. 
    It pointed to S&P Global Mobility forecasts published in
October which showed it outperformed a global automotive market
production decline of 4.8% by 9.5 percentage points. 
    After winning new contracts in Europe, the United States and
China over the last three years, CEO Laurent Favre, on a call
with journalists, said that the group's order backlog was the
highest in its history, which was beginning to generate revenue
growth. 
    OPMobility's North American activities drove the rise in
third quarter revenue, while sales in Europe were higher than in
the group's weaker local market. 
    This confirms that the United States has become the
company's leading market, Favre said, adding that its
geographical diversification was a factor in its outperformance
versus the global automotive market. 
    The group, which counts Stellantis  STLAM.MI  and Volkswagen
 VOWG_p.DE  among its bigger clients, is also trying to
diversify its customer base, and Favre said it is doing more
business with Chinese carmakers with orders from BYD  002594.SZ 
in the third quarter.
    In China, which is locked in trade wars with the European
Union and United States, OPMobility's YFPO joint venture with
Yanfeng, also posted higher revenue in the third quarter and
again outperformed S&P's global automotive production decline. 
    OPMobility confirmed its full-year outlook after competitors
such as Valeo and Forvia have cut their annual guidance for the
second time this year. 

    ($1 = 0.9273 euros)
    

 (Reporting by Mathias de Rozario
Editing by Tom Hogue, Kirsten Donovan)
 ((mathias.derozario@thomsonreuters.com))