Forvia misses six-month profit target on chip shortage, Ukraine,...

Forvia misses six-month profit target on chip shortage, Ukraine, COVID disruptions

-

PARIS — Forvia, the supplier created after Faurecia‘s takeover of lighting maker Hella, fell short of half-year operating profit expectations, affected by global chip shortages, the war in Ukraine and lockdowns in China.

The group, which sealed its takeover of Hella in January, reported an operating profit of 426 million euros ($435.5 million) for the first six months of 2022, corresponding to a margin of 3.7 percent.

Analysts polled by Visible Alpha had on average predicted an operating profit of 436.1 million euros with a 4 percent profit margin.

The combined entity sells seats, dashboards and fuel systems to carmakers which, after two years of disruptions from the coronavirus pandemic, are facing fresh supply delays due to Chinese lockdowns and Russia’s invasion of Ukraine.

“We are confident that the second half will allow us to improve our first half performance and fully confirm our objectives for the year,” Forvia CEO Patrick Koller said in a statement. 

Forvia posted first-half sales of 11.62 billion euros, beating the consensus estimate of 11.02 billion.

Faurecia’s first-half sales in 2021 were 7.8 billion euros, with a margin of 6.6 percent. 

Forvia ranks eighth on the Automotive News list of Top 100 global suppliers, with 2021 sales to automakers of $25.9 billion.

Read More

Latest news

Easter Eggs In ‘Guardians Of The Galaxy Vol. 3’ Trailer You May Have Missed

How many did you spot? The trailer for the third and possibly the last instalment of MCU’s Guardians Of The...

The First Trailer Of ‘Cocaine Bear’ Drops, Elon Musk Reacts

Paddington, is that you? Ever wondered what happens when a bear does a large amount of cocaine? The...

The Interview: Q&A With Pan Nalin

14 NOVEMBER 2022 • MW The filmmaker, whose recent release Chhello Show is India’s official entry to the 95th Academy...

The First All-Electric Mercedes AMG Is Stunning

The EQS 53 AMG is the most un-AMG-looking AMG. It is futuristic looking, powerful, and the most aerodynamic car...
- Advertisement -spot_img

Form v/s Function: The Workwear Dynamic

With the change in work structures came the change in silhouette structures — and the result? Post-pandemic fashion is...

Ipamorelin CJC 1295 Buy Online: Legit HGH Peptide or SCAM cjc-1295 ipamorelin Peptides for Weight Loss

Ipamorelin is a growth hormone-releasing peptide, meaning that it assists in the release of growth hormones. There is a...

Must read

World of Warcraft: Dragonflight Review in Progress

Most recent World of Warcraft expansions started with a...
- Advertisement -spot_imgspot_imgspot_imgspot_img

You might also likeRELATED
Recommended to you