French car parts maker Faurecia recently said that 2010 total sales rose 48 percent to EUR13.79 billion ($18.65 billion), adding that it beat its full-year sales, operating profit and net cash flow targets on strong product sales growth outside Europe. Faurecia has also set out new goals for 2011. Net income reached EUR202 million against a loss of EUR434 million in 2009.
It also posted a net loss in 2007 and 2008. Net cash flow for 2010 reached EUR222 million. Faurecia said it was targeting total sales in 2011 between EUR14.8 billion and EUR15.3 billion.
To reach sales growth at the lower end of that range would represent around 7 percent year-on-year sales growth. Faurecia forecasts 2011 operating income between EUR580 million and EUR640 million and net cash flow above EUR200 million.
Suppliers and carmakers are increasingly looking to emerging markets for growth as demand for cars in Europe stagnates following the end of scrappage incentive schemes. Faurecia said European product sales rose 22 percent; however, growth was much stronger in other regions.
In Asia, product sales surged 80 percent. In South America, product sales increased 98 percent, while in North America, they soared 111 percent.
Faurecia’s total product sales rose to EUR10.696 billion from EUR7.590 billion a year ago. The group said European sales accounted for 66 percent of product sales in 2010, compared with 76 percent in 2009. [via autonews - sub. required]