Renault says third-quarter revenues down 1.6per cent, cites partners' lower output

Renault says third-quarter revenues down 1.6per cent, cites partners' lower output

French automaker Renault's group revenues fell 1.6 percent in the third quarter, with the company citing reduced production at its partners Nissan and Daimler , and a drop in demand for diesel engines in Europe.

FILE PHOTO: The logo of French car manufacturer Renault is seen at a dealership of the company in B
FILE PHOTO: The logo of French car manufacturer Renault is seen at a dealership of the company in Bordeaux, France, June 12, 2019. REUTERS/Regis Duvignau

PARIS: French automaker Renault's group revenues fell 1.6 percent in the third quarter, with the company citing reduced production at its partners Nissan and Daimler , and a drop in demand for diesel engines in Europe.

The company, which owns 43.4 percent of Japanese manufacturer Nissan , said Renault group revenues were at 11.296 billion euros. It also said that the group's third quarter sales in volumes were down 4.4per cent to 852,198 vehicles.

The company last week issued a profit warning ahead of its quarterly results, saying that sales were likely to drop between 3per cent and 4per cent this year, compared with its previous forecast for a similar outcome to 2018.

The company also said last week its operating margin was set to come in at 5per cent, versus a previous 6per cent goal, as it struggles to keep a lid on research and development costs.

Renault's Chief Executive Thierry Bollore was pushed out earlier this month, and will be replaced on an interim basis by Renault finance director Clotilde Delbos.

(Reporting by Gilles Gillaume; Writing by Christian Lowe; Editing by Benoît Van Overstraeten)

Source: Reuters

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