Reuters | Apr 17, 2023 07:35
(Reuters) – Forvia, the European car parts maker born from Faurecia’s takeover of Hella, 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)
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Written By: Reuters
