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

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

-

- Advertisment -spot_imgspot_imgspot_imgspot_img

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

R. Kelly Jury Shown Graphic Video Clips of Star Allegedly Sexually Abusing Minor

Victim known as "Jane" was heard repeatedly apologizing to disgraced singer in audio from the footage in court Chicago, IL...

Anitta Meets Adidas: Popstar Lands Campaign as Face (and Feet) of New NMD Sneaker

The Brazilian singer is joined in the new campaign by Argentinian DJ Bizarrap and French soccer star Karim Benzema If...

36 Years Later, ‘Ferris Bueller’s Day Off’ Is Getting a Spinoff

Cobra Kai creators tapped to revisit the 1986 classic No need to take attendance: several generations of film...

Lindsey Buckingham Will Return to the Road This Fall

Former Fleetwood Mac member released his self-titled solo album last year Lindsey Buckingham is hitting the road again. A...
- Advertisement -spot_imgspot_imgspot_imgspot_img

The Worst Songs Ever, From ‘Blurred Lines’ to ‘Twinkle Twinkle Little Bitch’

Some songs are truly, undeniably terrible, as Leah Kate's TikTok anti-sensation "Twinkle Twinkle" proves. But in 2022, can we...

Must read

Self-driving Lincoln Model L100 concept meant to inspire future products

Lincoln Motor Co. does not plan to launch an...

Toyota’s Jack Hollis expects ‘one more year’ of historically tight inventories

Dealership inventory levels will remain at or near record...

U.S. seeks information from Tesla on cabin camera in Autopilot probe

WASHINGTON -- U.S. auto safety regulators on Thursday asked...

DAILY DRIVE PODCAST: August 18, 2022

Breadcrumb Home Weekend Drive Podcast Tesla to regain tax credits, more...
- Advertisement -spot_imgspot_imgspot_img

You might also likeRELATED
Recommended to you