(Reuters) – French car parts maker Valeo on Thursday posted third-quarter sales slightly above expectations and confirmed its full-year guidance.
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 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)
(Reporting by Elena Vardon and Lina Golovnya; Editing by Toby Chopra)