Faurecia First-Quarter Revenue Advances on Better Sales in Asia
Faurecia, Europe’s biggest maker of car interiors, said first-quarter revenue rose 1.7 percent as growing sales in North America and Asia offset the economic slowdown in Europe.
Sales advanced to 4.37 billion euros ($5.7 billion) from 4.3 billion euros a year earlier, the Nanterre, France-based manufacturer said in an e-mailed statement today. Sales outside Europe accounted for 45 percent of the total in the first quarter, compared to 39 percent a year earlier.
The French auto parts maker, 57 percent-owned by PSA Peugeot Citroen (UG), plans to cut about 3,000 jobs in its home region, or 7.5 percent of the workforce, by the end of this year. Like its struggling parent and other carmakers in Europe, it needs to cut capacity and expand in other markets as demand in Europe falls for the sixth straight year in 2013.
Faurecia (EO) said on Feb. 12 that vehicle sales in Europe may decline by 4 percent to 5 percent this year.
Peugeot, which is scheduled to report first-quarter revenue tomorrow, has sold assets to shore up its balance sheet as cash reserves dwindle, adding uncertainty over its continued ownership in the company.