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Valeo, which specialises in the design, production and sale of components and services for the automotive sector, said its sales amounted to 5.26 billion euros ($5.26 billion) for the three months to Sept 30., ahead of the 5.23 billion euros expected on average by analysts in a company-compiled consensus.
The company said its sales for the quarter grew 33% compared to the same period a year ago, which was hit by a shortage of electronic chips and supply chain bottlenecks.
“Based on the automotive production estimates released by S&P Global (NYSE:SPGI) Mobility for the fourth quarter of the year and forecast energy prices, we are confident in our ability to achieve our 2022 guidance”, said chief executive officer Christophe Périllat in a statement.
Valeo sees total sales in 2022 coming in between 19.2-20.0 billion euros, and a core profit margin in a range of 11.8%-12.3%, below the 13.4% posted in 2021.
($1 = 0.9996 euros)
