Latest news with #MathiasdeRozario
Yahoo
29-04-2025
- Business
- Yahoo
Valeo says 90% of its Mexican products shipped to U.S. now USMCA compliant
By Mathias de Rozario (Reuters) -French car parts supplier Valeo said 90% of the products produced by the group in Mexico and imported into the U.S. are now compliant with the United States-Mexico-Canada-Agreement (USMCA). "Valeo has implemented measures to mitigate the direct impact of tariffs, conducting an exhaustive review of its supply chain in order to do everything it can to reduce the basis for the new tariffs", it said. CEO Christophe Perillat said in call with journalists the company was moving plastic moulds - used to produce car parts - from China to other parts of the world, particularly Mexico or the U.S., to be USMCA compliant. The group added it was seeking agreements to obtain full compensation from customers for tariffs, and had signed deals covering more than 75% of the amounts concerned. Valeo also reported a 2.1% drop in its first-quarter sales to 5.31 billion euros ($6.05 billion), in line with the company-provided consensus. ($1 = 0.8772 euros) Sign in to access your portfolio
Yahoo
23-04-2025
- Automotive
- Yahoo
OPmobility implements its plan to deal with US tariffs
By Mathias de Rozario (Reuters) -OPmobility plans cost reduction measures to deal with the impact of U.S. tariffs, the French car supplier's CEO Laurent Favre said in a call with journalists on Tuesday. The company, which supplies the three leading U.S. carmakers, General Motors, Stellantis and Ford, said it is trying to anticipate a potential volume decline from its clients in the second half of the year. "That's all the savings in operating costs, [...] everything linked to external service providers, everything linked to travel, everything linked to non-essential expenditure, and also a very strong emphasis on flexibility in our plants in line with the evolution of volumes," Favre said. He added the company will also slow down investments with a target of a 5% to 10% investment reduction compared to usual levels. "This does not, in any way, affect our long-term strategy," Favre said. He added that they will continue to invest in technology, to improve their regional balance, to invest all over the world with a stronger focus on America and Asia, and to diversify their customer base by developing new entrants such as BYD, Chery, Tesla and Rivian. The group also confirmed its full-year outlook, backed by its cost reduction measures and by a 3.1% consolidated revenue growth in the first quarter of the year. The group's quarterly consolidated revenue came in at 2.69 billion euros ($3.08 billion), up from 2.61 billion euros a year earlier. It outperformed global automotive production according to the S&P Global Mobility forecasts published earlier this month, led by its European and Asian markets. North America, which accounted for more than 27% of the group's economic revenue, however recorded a 4.1% revenue drop mainly due to a decline in module volumes assembled in Mexico. "It's a question of seasonality [...], some of our customers are launching new models, others are discontinuing them, so this happened in the first quarter, but it will be offset in the rest of the year," Favre said. ($1 = 0.8741 euros)
Yahoo
28-02-2025
- Business
- Yahoo
Vallourec expects shipments rebound in 2nd half of 2025
By Mathias de Rozario and Johan BODINIER (Reuters) -France's Vallourec signalled improvement in deliveries in the second half of 2025 on Thursday, after it reported an expected 24% drop in fourth quarter earnings due to lower steel tube prices in North America. "We have seen prices fall throughout last year, but from a very high base," CEO Philippe Guillemot said in a call with journalists. The group's shares rose more than 5% in early trading, after it said the first half of 2025 would mark the low point for international shipments, with an improvement thereafter. Vallourec, which makes tubing for oil and gas, low-carbon energy and industrial markets, said its quarterly operating earnings before interest, taxes, depreciation and amortization (EBITDA) fell to 214 million euros ($224 million), driven by a 27% drop in the North American tubes business. Analysts at Midcap Partners said the decline was in line with market expectations after both deliveries and prices fell in the tubes business, which is responsible for more that 90% of Vallourec's total revenue. The metallurgical group forecast an operating EBITDA of between 180 million and 215 million euros for the first quarter of 2025, and confirmed it would pay its first dividend in 10 years at 1.50 euros per share. It said it was sticking to its strategy of refocusing on core operations and developing the business towards solutions for energy transition. During the fourth quarter of 2024, Vallourec sold Indonesia-based Logistics Group, specialized in providing integrated port and logistics services, for around 20 million euros. The company, which aims to supply the energy transition industry through its "New Energies" line, said its hydrogen storage solution, dubbed "Delphy", was set to get its first certification in the coming weeks. Guillemot also reiterated that he saw no direct impact on the company from tariffs imposed by the United States. "100% of what we sell to our on-shore customers in the United States is produced in the United States," he said. ($1 = 0.9555 euros)
Yahoo
26-02-2025
- Business
- Yahoo
JDE Peet's tops estimates even as coffee prices bite into profits
By Mathias de Rozario and Mateusz Rabiega (Reuters) - Coffee and tea company JDE Peet's on Wednesday beat market expectations for 2024 operating profit and forecast a largely expected small decline in the 2025 figure driven by soaring prices of coffee beans. Its shares rose by more than 8% in early trading, touching their highest price since early November. JDE Peet's said green coffee prices had more than doubled on average over the past year due to atypical weather patterns, supply chain disruptions and macroeconomic and geopolitical factors, and were not expected to come down in the near future. The Dutch maker of Jacobs, L'Or, Tassimo and Douwe Egberts brands will try to offset the higher coffee bean costs by price discipline while preserving affordability for customers where possible, it said in a statement. Its adjusted earnings before interest and taxes (EBIT) grew 13.2% to 1.28 billion euros ($1.34 billion) in 2024, above analysts' consensus of 1.25 billion euros, supported by organic growth and cost discipline across its segments. The main growth driver was the LARMEA business, the company's second biggest covering Latin America, Russia, Middle East and Africa, with a 21% rise. "A certain level of uncertainty remains around potential tariffs for green coffee imports into the U.S., following President Trump's ... intent to develop 'reciprocal tariffs' for, amongst others, Brazil," a company spokesperson told Reuters via email. In Europe, which represents more than half of its sales, rising coffee prices caused push backs from retailers during price negotiations, keeping revenues flat. "Globally, talks with retailers are progressing well ... We have successfully concluded price negotiations covering over 80% of our total sales and by the end of this week expect this percentage to be above 90%," the spokesperson said. Analysts said the projected drop in adjusted EBIT was in line with expectations, while KBC Securities highlighted the shift in the company's capital allocation strategy towards shareholder remuneration. JDE Peet's plans to launch a multi-year share buyback programme of up to 1 billion euros, with up to 250 million euros of purchases in 2025, it said. It also named Straumann's finance chief Yang Xu as its new chief financial officer. She will succeed Scott Gray, who resigned in late January, in May. ($1 = 0.9531 euros) Sign in to access your portfolio
