PARIS, October 27 (Reuters) – Valeo shares climb on the Paris Stock Exchange on Friday, as strikes by the United States auto workers’ union (UAW) have had a negligible impact on the outlook and results of the third quarter of the French automotive supplier.
At 10:05 a.m., Valeo shares rose 6% to 11.6 euros, after gaining more than 13% at the opening, among the best performances of the SBF 120, which fell 0.71% at the same time.
The company posted revenue of €5.22 billion in the third quarter, down just 1% compared to the same period in 2022, with a negative impact of 4.7% linked to rate changes. exchange.
According to the group, strikes in the American automobile industry had a “negligible impact” on the quarter, with a performance of -2 points in North America compared to that of automobile production.
If Valeo’s share price is at its lowest in 3 years, JP Morgan emphasizes that the equipment manufacturer continues to work on “efficiency gains and price recovery to continue improving margins”.
“The company must make price increases and improve margins in order to regain investor confidence,” judges JP Morgan.
The stock has lost nearly 30% of its value since the start of the year, including Friday’s gains.
(Writing by Mariana Abreu, with Pierre John Felcenloben, editing by Kate Entringer)
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