By Jessica Sier
Peugeot SA said Wednesday that net profit and revenue rose for 2019, but that it expects the automotive market to slow in Europe during 2020.
Net profit for the year rose 11.2% to 3.20 billion euros ($3.48 billion), compared with EUR2.83 billion a year ago, the French car maker (PAR:FR:UG) said.
Revenue rose 1% to EUR74.73 billion, beating analysts expectations.
Analysts had expected the company to report revenue of EUR73.95 billion for the year and net profit of EUR3.16 billion, according to FactSet.
Peugeot, officially known as Groupe PSA, said it would propose a dividend of EUR1.23 a share for 2019, compared with EUR0.78 a share last year.
Looking to the year ahead, Peugeot said it expects a 3% decrease in the automotive market in Europe, with a 2% drop in Russia, and a stable automotive market in Latin America.
The company is targeting an automotive adjusted operating margin of 4.5% on average for 2019-2021.