Faurecia, a French auto parts manufacturer, recorded a 24 percent sales increase in the first three months of the year -- made possible with the help of the expansion in Asia and improvement in North America.
The company also disclosed that its sales increased to 3.96 billion euros ($5.6 billion), which is a 15 percent increase at constant exchange rates excluding contributions from the purchases of Plastal Germany, Plastal Spain and Angell-Demmel.
Being a manufacturer of emissions control systems and car seats, the company has been unaffected by the supply chain disruptions that some car makers, as well as components suppliers, have suffered due to the March 11 earthquake that hit Japan, the company’s chief financial officer, Frank Imbert, stated during a conference call.
Imbert also disclosed that the company’s first-quarter figures are on the high range of the company’s forecast. He further stated that there no significant effect from Japan is expected during the second quarter.
In fact, Ranjit Unnithan, a JPMorgan analyst, stated in a research note that market fears of a material production disruption in the second quarter will be less likely to happen. In such case, “potential for upward estimate revisions is back in the cards for Faurecia." According to Imbert, Faurecia is considering raising its whole-year results outlook at the end of the second quarter, if needed.
The company is planning to organize an investor day in autumn to talk about long-term plans. Automotive News Europe gave Faurecia the No. 7 spot on the top 100 international suppliers with global original-equipment automotive component sales of $13.00 billion in 2009.