PARIS -- Faurecia raised its 2018 outlook after reporting that first-half profit at the supplier rose 10 percent.
Faurecia, 46 percent owned by PSA Group, said its first-half net profit rose to 342 million euros ($398 million), while sales climbed 5.2 percent to 8.99 billion euros from a year ago.
The company raised its outlook, saying it would target earnings per share of more than 5 euros ($5.82), compared with a previous target of 5 euros.
"We delivered a very robust performance in the first half of the year again, ahead of our roadmap," Faurecia CEO Patrick Koller said. "Taking into account this strong performance, we upgrade our guidance for the year and fully confirm our 2020 financial targets as presented at our recent capital markets day."
Faurecia is targeting sales growth of more than 7 percent per year to reach 20 billion euros by 2020, compared with its 2017 turnover of 16.96 billion euros.
Faurecia ranks No. 10 on the Automotive News list of the top 100 global suppliers with 2017 parts sales to automakers of $19.17 billion.