UPDATE 1-Car parts maker Valeo confirms outlook, expects chip shortage to ease [Reuters]
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Source: Reuters
The company logo of auto parts maker Valeo is seen outisde a factory at Etaples, northern France, December 28, 2020. REUTERS/Charles Platiau PARIS, July 22 (Reuters) - French car parts maker Valeo (VLOF.PA) on Thursday confirmed its 2021 financial outlook as it posted increased first-half sales and profit, adding it expected the shortage of key technology chips to ease. Valeo's first-half earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 1.21 billion euros ($1.41 billion) from 202 million a year earlier, while sales rose to about 9 billion euros from 7.1 billion. "In a challenging environment marked by a shortage of electronic components and rising raw material prices, we can confirm our objectives for full-year 2021," said Valeo chairman and CEO Jacques Aschenbroich. Valeo's 2021 financial outlook forecasts growth in global automotive production of around 9%, sales between 17.6-18.2 billion euros from 16.4 billion in 2020, and free cash flow between 330-55
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