April 25 (Reuters) – Valeo reported first-quarter revenue of 5.43 billion euros on Thursday, down 1% from 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, turnover increased by 2% over the period.
“Traditional Propulsion activities benefit from the ramp-up in production in Europe, North America and China, partly offsetting the low level of activity in high-voltage electricity penalized by an unfavorable base effect and the drop in certain platforms,” the company said in a statement.
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”. (Writing by Mathias de Rozario, editing by Kate Entringer)
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