February 16, 2018 / 5:56 AM / 6 months ago

Auto parts group Faurecia slightly raises 2018 margin goal as profit climbs

PARIS, Feb 16 (Reuters) - French auto parts maker Faurecia slightly raised its 2018 operating margin target on Friday as the company posted higher annual sales and profit.

Faurecia, 46 percent owned by car group Peugeot, said it was now targeting an operating margin of more than 7 percent of sales in 2018, above an earlier target for a margin of 7 percent.

Net income in 2017 climbed 34.2 percent from the previous year to 714.5 million euros ($896.4 million). Revenues rose 8.6 percent to 16.96 billion euros and the company increased its dividend by 22 percent to 1.10 euros per share.

The company had strong growth across all its main markets, and its operating income rose 20.6 percent to 1.17 billion euros, representing a margin of 6.9 percent of sales.

$1 = 0.7971 euros Reporting by Sudip Kar-Gupta; Editing by Subhranshu Sahu

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