Faurecia Third-Quarter Revenue Slightly Disappointing; EUR 28 Fair Value Unchanged
No-moat rated Faurecia, the seating, interior components, and emissions control supplier, reported third-quarter 2016 consolidated revenue of EUR 4.2 billion, representing a 1.9% decline from the prior year, slightly below our expectations. Excluding the impact of currency, revenue would have been 1.6% higher than the year-ago period. Revenue in both periods has been adjusted for the divestiture of the company’s automotive exteriors business, the sale of which was completed during the quarter. F...Faurecia is an automobile equipment supplier based in France. Co.'s activities can be divided into four business units: Automotive Seating (design of vehicle seats, manufacture of seating frames and adjustment mechanisms, and assembly of complete seating units); Emissions Control Technologies (design and manufacture of exhaust systems); Interior Systems (design and manufacture of instrument panels, door panels and modules, and acoustic components); and Automotive Exteriors (design and manufacture of front ends and safety modules). Some of Co.'s customers are PSA Peugeot Citroen, VW Group, Renault-Nissan, Ford Group, BMW and GM Group.
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