Valeo releases results of the First-Half 2023

Paris, France- Valeo Inc., a global automotive supplier, reported strong first-half 2023 results. Sales were up 19% to 11.2 billion euros, driven by strong growth in both original equipment and aftermarket sales. The company's operating margin also improved, rising to 3.2%, up 200 basis points from the same period in 2022.

Valeo's leadership position in the areas of innovation was consolidated, with sales of ADAS and powertrain electrification up 26% and 108%, respectively. The company also saw a strong order intake of 18.8 billion euros, with profitability levels up versus 2022.

Christophe Périllat, Chief Executive Officer- Valeo commented, “In the first half of 2023, our sales rose by 19% to 11.2 billion euros. This performance reflects strong momentum in driving assistance (ADAS) and electrification.At the end of June, our operating margin stood at 3.2% of sales, an improvement of 200 basis points compared with the same period in 2022. Our margin was lifted by the strong growth in our sales, the success of our cost reduction program, the recovery in our high-voltage electric powertrain business, and the conclusion of negotiations relating to inflation. Our first half results and the improvement in our financial performance in the second half in line with expectations enable us to reaffirm all of our objectives for full-year 2023.

Lastly, the Group continued to record an excellent business performance in the first half, with order intake reaching 18.8 billion euros. We recorded several particularly strategic orders in the areas of ADAS and electrification. This order intake was recorded at a higher level of profitability than the objective set out in the Move Up strategic plan and the order intake recorded in 2022. The distribution of these orders across the three major regions (the United States, Asia and Europe) reflects Valeo’s performance in the global automotive market as a whole.”