Valeo have reported a fall in its third quarter sales, despite stable volumes in the period, as the company took a hit on exchange rates and falling prices. The components group noted, however, that its flat volumes were in contrast to a general market that was down nearly 4%. In the 3rd quarter 2008, Valeo’s total operating revenues amounted to €2.1bn, down by 5.9% versus the 3rd quarter 2007.
Looking forward, the group warn they foresee a further deterioration of automotive production in the 4th quarter, but say: “Thanks to the actions undertaken, the group confirms, for 2008, an operating margin similar to that of 2007.”
Operating margin in the 3rd quarter stood at €65m or 3.1% of total operating revenues, versus €73m and 3.3% for the same period in 2007. Over nine months, the operating margin rate was up by 0.4 points.