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Valeo sales growth slows on U.S., China auto production dip

Published 25/04/2018, 17:22
© Reuters. The company logo of auto parts maker Valeo is pictured before the company's 2015 annual results presentation in Paris
VLOF
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PARIS (Reuters) - French auto parts maker Valeo (PA:VLOF) said revenue growth slowed to 3 percent in the first quarter, held back by a strong euro and a contraction in Chinese and U.S. car production.

After jumping 12 percent last year, revenue rose to 4.917 billion euros (4.3 billion pounds) from 4.767 billion, the Paris-based company said on Wednesday. Currency effects cut sales by 5.4 percent as dollar-zone revenues lost value in euros.

© Reuters. The company logo of auto parts maker Valeo is pictured before the company's 2015 annual results presentation in Paris

Valeo's quarterly sales number was in line with the 4.91 billion euros expected by analysts, based on the median estimate in an Inquiry Financial poll for Reuters. The company reiterated its 2018 earnings guidance.

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