Faurecia: earnings down 16% in 2019
(CercleFinance.com) - Faurecia has reported 2019 net income, group share, of 589.
7 million euros, down almost 16% from 700.8 million euros in 2018, with an operating margin that is down 10 basis points to 7.2% (7.4% excluding Clarion), in line with its guidance of at least 7%.
The automotive equipment manufacturer's sales edged up 1.4% to 17,768.3 million euros. At constant exchange rates and excluding changes in is consolidation scope relating to Clarion, sales fell by 3%, albeit outperforming the decline in global automotive production by 280 basis points.
The company's Board of Directors will propose a dividend of 1.30 euro per share at its next AGM, to be held in Paris on 29 May, up from 1.25 euro last year. It will be paid in cash in early June.
Faurecia aims for "solid growth" in published sales by 2020, outperforming global automotive production by 100 to 200 basis points compared (at a constant consolidation scope and exchange rates), with an operating margin exceeding 7.2% of sales.
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