Valeo lifts profitability target following quarterly sales rise, shares up

Valeo has raised its full-year success target after having a 16 percent gain in third-quarter sales, the French auto parts maker stated on Thursday. Shares of the company were up over 4 percent during market open.

It’s earnings rose to 3.99 billion euros ($ 4.36 billion) from 3.45 billion euros a year ago. Sales to automobile manufacturers in China rose 39 percent, surpassing 23 percent growth in vehicle production in that industry.

Convenience and driving assistance department led sales gain, up 24 percent to 1.66 billion euros.

Valeo raised targeted 2016 operating margin to 8 percent from previous promise to improve on 2015’s 7.7 percent.

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