29 February 2024

Automotive - Success for Forvia in 2023 financial results

Automotive group Forvia has reported its financial results for the 2023 fiscal year, when sales were up by 10.9% year-on-year to €27.25 billion. By ILM.

Sales were up by 14% at constant scope and currencies. Operating income grew by 35.7% in 2023 to €1.44 billion, 5.3% as a percentage of sales.

Adjusted EBITDA was up 14.4% to €3.33 billion while net income totalled €222 million, up from a loss of €382 million in 2022.

Looking forward to the 2024 fiscal year, Forvia is predicting sales of €27.5-28.5 billion, with an operating margin from 5.6-6.4% of sales. Meanwhile, it expects €30 billion in sales for the 2025 fiscal year.

CEO Patrick Koller said: “2023 has been a contrasted year with tailwinds, such as growing worldwide automotive production, driven by a robust demand and gradual improvement of the supply chain, and headwinds, such as strong inflation, but also high interest rates and adverse currency changes.

“In this context, Forvia’s performance has been solid. We delivered on our priorities. We generated profitable growth through strong sales organic growth notably driven by market share gains in China, and through an improvement of our operating margin to 5.3% of sales.”

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