Valeo reports 43% y/y decline in FY2019 net income to USD350 million
Valeo expects to continue outperforming the market in 2020
Valeo’s net income declined 43% year over year (y/y) to EUR313 million (USD339 million) in the financial year ended 31 December 2019, the company said in a press release on 20 February. Sales increased 2% y/y to EUR19.5 billion. Original equipment (OE) sales increased by 1% y/y to EUR16.4 billion. Despite higher sales, Valeo recorded 14% y/y drop in operating income to EUR1 billion, resulting in operating income margin of 5.3% compared with 6.3% a year earlier. The company reported adjusted EBITDA of EUR2.5 billion, equivalent to 12% of its full-year sales.