PARIS (Reuters) - French carmaker Renault on Tuesday reported a 15.9 percent increase in third-quarter sales, and raised its forecast for growth in the global autos market while maintaining the company’s own outlook for higher 2017 profits and revenues.
Head of sales Thierry Koskas told a conference call that sales growth in the fourth quarter would continue at a pace similar to that seen since the start of the year.
Revenue rose to 12.22 billion euros ($14.4 billion) in the three months ended Sept. 30 from 10.55 billion euros a year earlier.
Analysts polled by Inquiry Financial for Reuters had given a median forecast for third quarter sales of 12.1 billion euros.
Stripping out the sales of Lada maker Avtovaz, incorporated into Renault’s since late last year, group revenue rose 9.8 percent.
Under a mid-term plan unveiled earlier this month, Renault is targeting 70 billion euros in annual sales by 2022, drawing on increased sharing of vehicle technologies with Japanese affiliate Nissan, in which it holds a 43.4 percent stake.
Renault’s third quarter deliveries outperformed several of its major markets, including Europe - where the French group’s market share increased 0.3 points to 9.9 percent.
The company raised its forecast for growth in 2017 in the global market to 2-3 percent, compared to a previous forecast for growth between 1.5-2.5 percent.
Renault said it expected the French market to expand by around 4 percent in 2017, compared to a previous forecast for growth of some 2 percent in France, and it also upgraded its forecasts for growth in Russia and Brazil.
Turnover was boosted by growth in the Americas, Europe and Asia, and by solid sales of car models such as ‘ZOE’ and Dacia.
Renault said this month that its position in the electric cars sector, and in making a wider range of vehicles for emerging markets, should help it deliver a 44 percent sales increase by 2022.
Renault reiterated its full year objectives, including positive automotive cash flow, with year-on-year increases in revenue and operating profit.
($1 = 0.8501 euros)
Reporting by Gilles Guillaume, Laurence Frost; Editing by Sudip Kar-Gupta, Dominique Vidalon. Editing by Jane Merriman