PARIS, Oct 23 (Reuters) - French carmaker Renault reported a 6 percent drop in third-quarter revenue, hit by a downturn in emerging-market sales and the group’s withdrawal from Iran.
Revenue fell to 11.48 billion euros ($13.16 billion) in the three months ended Sept. 30, Renault said on Tuesday, with automotive division revenue down by a steeper 8.4 percent at 10.06 billion.
Renault’s global vehicle registrations rose 2.9 percent in the quarter, boosted by a new commercial van partnership with China’s Brilliance. Excluding the joint venture sales, Renault registrations outside Europe fell 10.4 percent.
The revenue performance missed analysts’ expectations for 12.17 billion euros at group level and 10.92 billion in automotive, excluding the Russian Avtovaz business.
Renault nonetheless reiterated full-year guidance for 2018 including an increase in revenue, positive automotive free cash flow and a group operating margin above 6 percent.
$1 = 0.8727 euros Reporting by Laurence Frost; Editing by Sudip Kar-Gupta