French auto supplier Faurecia saw its net income hike 34% to 714.5 million euros (US$ 896.4 million) during 2017, the company said in a statement. Revenues rose 8.6% to US$ 21.2 billion and the company increased its dividend by 22% to 1.10 euros per share (US$ 1.37).
Operating income rose 21% to US$ 1.46 billion, representing a margin of 6.9% of sales. The supplier said it has slightly raised its 2018 operating margin target.
Faurecia, 46% owned by PSA Group, said it was now targeting an operating margin of more than 7% of sales in 2018, above an earlier target for a margin of 7%. The company had strong growth across all its main markets.
Faurecia operates 12 manufacturing sites in Mexico located in the states of Sonora, Puebla, Queretaro, San Luis Potosi, Coahuila and Guanajuato, as well as R&D centers in Mexico City and Puebla.