Nanterre, France - Automotive parts manufacturer Faurecia's net income for 2011 is up 84 percent at Euro 371 million ($492 million) on sales of Euro 16 190 million. Operating income is up 43 percent to Euro 651 million, representing 4 percent of total sales.
In the second half of 2011, Faurecia reported net income of Euro 185 million, up 86 percent year-on-year. Sales totalled Euro 8040 million, an increase of 15.3 percent, while operating income was up 30 percent to Euro 311 million, representing 3.9 percent of total sales.
Overall product sales of components, such as polyurethane-based instrument panels and seats, as well as exhaust and exterior technologies, were Euro 12 391 million, up 15.8 percent. Faurecia said in an 8 Feb report that its growth is well above world automobile production, which grew by only 3 percent.
In the automotive seating business, sales stood at Euro 4770 million, up 8.3 percent like-for-like. Growth in the second half totalled 6.1 percent like-for-like.
In the interior systems business, which includes instrument panels and centre consoles, sales reached Euro 3075 million, up 14.1 percent. In the second half, product sales were up 14.5 percent.
Operating income of the automotive seating and interior systems business groups grew Euro 153 million to Euro 408 million, or 4.7 percent of total sales. This performance is the result of operational progress and better profitability of programmes launched into production during the last three years, Faurecia said.
The French company said it made market share gains in all regions for overall product sales. In Europe, Faurecia's largest market with over 60 percent of total revenue, product sales grew by 11 percent against a 6-percent increase in automobile production.
In North America, where automobile production was up 10 percent, product sales increased by 32.6 percent.
In Asia, product sales grew by 15.4 percent. In China, sales increased by 11.6 percent, while automobile production was up 2 percent. Product sales in South Korea rose 34.3 percent against production of 9 percent, Faurecia said.
In South America, product sales increased by 14.8 percent against automobile production of 3 percent.
"I would like to thank all Faurecia teams for these results, which represent the best performance in the history of our group. Faurecia has restored solid fundamentals on which it can now rely on to develop its profitable growth strategy," said Yann Delabriere, Faurecia ceo.
"The Euro 13 500 million in new contracts won this year reflects the dynamism of our company and the confidence of our customers. Thanks to them, Faurecia should reach the Euro 20 000 million sales mark in 2015," he added.