PARIS (Reuters) - French vehicle components firm Valeo (PA:VLOF) reported a 9 percent rise in first-quarter sales on Tuesday, lifted by demand for pricier content such as display screens, parking assistance and radar systems.
Revenue rose to 3.92 billion euros ($4.43 billion) from 3.58 billion in the same period of 2015, the Paris-based company said, reiterating full-year targets including a rate of sales growth exceeding that of vehicle production in all regions.
Valeo, a supplier of driving sensors, automated parking technology and engine stop-and-start devices that cut emissions, has positioned itself to benefit from progressive vehicle electrification and driving autonomy.
Revenue outpaced automotive production growth in Europe and Asia by close to 10 percentage points, Valeo said, reflecting strong demand for fuel-saving technologies and "the market's growing interest in intuitive driving products".
Sales growth is expected to continue at a similar pace to the first quarter's 10 percent expansion before the effects of exchange rates, disposals and acquisitions, Chief Executive Jacques Aschenbroich said in the company statement.
The company also renewed its pledge for this year to improve on last year's 7.7 percent operating profit margin.
