(Boursier.com) — The group Valeo published a turnover of 5.43 billion euros in the first quarter, a slight decline of 1% compared to the same period in 2023, due to a low level of activity in high voltage electricity and an unfavorable base effect of certain platforms. At constant scope and exchange rates, however, turnover was up 2% over the period.
Valeo confirms objectives for 2024 and 2025, with “margins and free cash flow generation in the second half of 2024 expected to be higher than those of the first half”.
Management comments: “The turnover for the first quarter stood at 5.4 billion euros reflecting a solid start at the start of 2024. It benefits from the growth of all of our activities outside of the high voltage electrical activity The traditional Propulsion activities benefit from the ramp-up of production in Europe, North America and China, partly offsetting the low level of activity in high voltage electricity penalized by an effect. unfavorable base and the decline of certain platforms The high voltage electrical activity should see its level of activity improve in the second quarter.
In total, the Group posted an outperformance of 2 points beyond automobile production, despite a slightly unfavorable geographical mix over the quarter.
Furthermore, the merger of the Thermal Systems and Propulsion Systems activities within the same Valeo Power division has been implemented. The Comfort and Driving Assistance Systems Sector and the Visibility Systems Sector are renamed “Valeo Brain” and “Valeo Light”.
Finally, taking into account the prudent production assumptions retained as part of our Move Up plan, the efficiency action plan for our operations and our cost reduction measures which are progressing in accordance with our plans, we reaffirm our 2024 objectives and 2025.”
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