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UPDATE 1-Faurecia posts 24 pct rise in Q1 sales

Published 04/19/2011, 04:42 AM
Updated 04/19/2011, 04:44 AM
FRVIA
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* Unaffected by Japan so far

* Q1 at upper end of forecast range

* Faurecia may revise forecast midyear

* Shares gain 3.1 percent

PARIS, April 19 (Reuters) - French car parts maker Faurecia posted a 24 percent rise in first-quarter sales on Tuesday, helped by improvement in North America and expansion in Asia. Sales rose to 3.96 billion euros ($5.6 billion), a 15 percent increase at constant exchange rates and excluding contributions from the purchases of Plastal Germany, Plastal Spain and Angell-Demmel, the company said.

The maker of car seats and emissions control systems has so far been unaffected by the supply chain disruptions that some automakers and parts makers have suffered as a result of the Japanese earthquake, Faurecia Chief Financial Officer Frank Imbert said on a conference call.

Imbert, who said the first-quarter results were on the high side of the company's forecast range, added that he expected no significant effect from Japan in the second quarter either.

Faurecia shares were up 3.1 percent at 0823 GMT, outperforming the Stoxx Europe 600 Automobiles & Parts index, which was 1.6 percent higher.

"On balance a positive conference call," JPMorgan analyst Ranjit Unnithan said in a research note. "We believe that market fears of a material production disruption in Q2 look less likely, in which case potential for upward estimate revisions is back in the cards for Faurecia."

Faurecia will consider whether to raise its full-year results outlook at the end of the first half if necessary, Imbert said, adding that it plans to hold an investor day in the autumn to discuss its longer-term plans. ($1=.7039 Euro) (Reporting by James Regan; Editing by Blaise Robinson and Erica Billingham)

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