Forvia posts solid Q3 growth, warns of rising hit from UAW strike
© Reuters. FILE PHOTO: Striking United Auto Workers members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo
The world's seventh largest automotive supplier said the impact of the UAW strikes on its U.S. sales was about 6 million euros in the past quarter, but that should rise to around 55 million euros in the month of October. "We are taking into account the new risk and large risk that is represented by the UAW strike, which is having a potentially larger impact than what was imagined before," Forvia CFO Olivier Durand told analysts.
"Given the organic growth out-performance across the regions and continued execution of synergies, the outlook for 2024 organic growth and margin expansion looks intact," Citi analysts wrote in a client note.
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