Forvia: confirms forecasts, new divestments ahead
(CercleFinance.com) - On Friday Forvia, the automotive supplier born of the merger between France's Faurecia and Germany's Hella, confirmed its financial targets for 2023, despite an environment described as "volatile" in particular due to the onset of the UAW strike in the US.
The group is still targeting annual sales of between E26.5bn to E27.5bn, with an operating margin of between 5.2% and 6.2%.
Q3 consolidated sales rose by 2.5% to E6,528m, including organic growth of 10.7%, outperforming the market by over 700bp.
According to S&P data, global automobile production rose by 3.7% in the period to 22.3 million passenger cars.
Despite the context of persistent inflation and high interest rates, Forvia announced the launch of an additional E1bn disposal program to accelerate its debt reduction.
The company says that all divestment operations still to be concluded by the end of 2023 have been completed on time, generating E1bn in cash proceeds, in line with its target.
Forvia shares were down 0.8% in early trading following this publication.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The group is still targeting annual sales of between E26.5bn to E27.5bn, with an operating margin of between 5.2% and 6.2%.
Q3 consolidated sales rose by 2.5% to E6,528m, including organic growth of 10.7%, outperforming the market by over 700bp.
According to S&P data, global automobile production rose by 3.7% in the period to 22.3 million passenger cars.
Despite the context of persistent inflation and high interest rates, Forvia announced the launch of an additional E1bn disposal program to accelerate its debt reduction.
The company says that all divestment operations still to be concluded by the end of 2023 have been completed on time, generating E1bn in cash proceeds, in line with its target.
Forvia shares were down 0.8% in early trading following this publication.
Copyright (c) 2023 CercleFinance.com. All rights reserved.