July 20, 2018 / 5:19 AM / 9 months ago

Car parts maker Faurecia posts higher H1 profit, raises outlook

PARIS, July 20 (Reuters) - French car parts group Faurecia posted higher first-half profit and raised its 2018 outlook, underpinned by upbeat growth and sales of car seats material.

Faurecia, 46-percent owned by Peugeot-maker PSA, said its first-half net profit rose 10.2 percent from last year to 342 million euros ($398 million), while sales climbed 5.2 percent to 8.991 billion euros from a year ago.

The company raised its outlook, saying it would target earnings per share (EPS) of more than 5 euros, compared with a previous EPS target of 5 euros.

“We delivered a very robust performance in the first half of the year again, ahead of our roadmap,” Faurecia Chief Executive Patrick Koller said.

“Taking into account this strong performance, we upgrade our guidance for the year and fully confirm our 2020 financial targets as presented at our recent Capital Markets Day,” he added.

Faurecia is targeting sales growth of more than 7 percent per year to reach 20 billion euros by 2020, compared with its 2017 turnover of 16.96 billion euros.

$1 = 0.8581 euros Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips

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