Renault says third-quarter revenues down 1.6%, cites partners' lower output

This post was originally published on this site

PARIS (Reuters) – French automaker Renault’s (PA:) group revenues fell 1.6 percent in the third quarter, with the company citing reduced production at its partners Nissan and Daimler (DE:), and a drop in demand for diesel engines in Europe.

The company, which owns 43.4 percent of Japanese manufacturer Nissan (T:), said Renault group revenues were at 11.296 billion euros. It also said that the group’s third quarter sales in volumes were down 4.4% to 852,198 vehicles.

The company last week issued a profit warning ahead of its quarterly results, saying that sales were likely to drop between 3% and 4% this year, compared with its previous forecast for a similar outcome to 2018.

The company also said last week its operating margin was set to come in at 5%, versus a previous 6% goal, as it struggles to keep a lid on research and development costs.

Renault’s Chief Executive Thierry Bollore was pushed out earlier this month, and will be replaced on an interim basis by Renault finance director Clotilde Delbos.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.