Opel Helps PSA Post Record Sales, Net Income
PSA Group reports record unit sales, revenue and both operating and net income for 2018, largely because of its acquisition of Opel/Vauxhall from General Motors Co. in 2017.
Unit sales climbed 7% to 3.88 million vehicles last year. Revenue rose 19% to €74 billion ($84 billion). The company’s consolidated net income soared 40% to €3.3 billion ($3.7 billion). Operating income grew 43% to €5.7 billion ($6.5 billion).
PSA’s recurring operating margin last year was 4.7% for automotive operations and 7.7% overall. The company’s automotive business aims to deliver an average margin that exceeds 4.5% in 2019-2021.
PSA’s Faurecia partsmaking affiliate saw its revenue advance 3% to €17.5 billion ($19.9 billion) in 2018. The unit’s operating income rose 9% to €1.3 billion ($1.5 billion).
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