French car components group Faurecia posted an increase in annual profits and sales and added it was targeting additional growth for 2020 regardless that market conditions could be challenging this year.
Faurecia, which purchased Japanese peer Clarion in 2019, stated annual operating revenue for last year had risen by 0.7% from the year prior to 1.283 billion euros ($1.4 billion).
Sales soared 1.4% to 17.77 billion euros, and Faurecia’s operating margin stood at 7.2%, while its net cash circulation jumped 11.2% from 2019 to 587 million euros.
The firm raised its 2020 dividend to 1.30 euros from 1.25 euros last year.
For 2020, Faurecia stated it was targeting extra sales development and further enhancement in profitability, intending to achieve an operating margin of above 7.2% of sales and net cash circulation of more than 500 million euros.
In November 2019, Faurecia stated it was concentrating on reaching sales of over 20.5 billion euros by 2022.
Faurecia’s 2020 scope was based on the assumption that worldwide automotive manufacturing would plunge by 3% in comparison with the last year. However, the corporation added this vision didn’t factor in any blows to the world supply chain from the coronavirus.