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July 24, 2018, 2:12 a.m. EDT

Peugeot profit rises, beating expectations

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By Max Bernhard

Peugeot SA (UG.FR) said Tuesday that first-half net profit rose as it reported a jump in revenue and managed to further improve the profitability of its core automotive division.

Net profit for the year increased to 1.48 billion euros ($1.73 billion), compared with EUR1.26 billion a year ago, Peugeot said. Revenue rose 40% to EUR38.40 billion. Analysts had expected net profit of EUR1.15 billion and revenue of EUR38.37 billion, according to a consensus forecast provided by FactSet.

Peugeot's results included earnings of Opel and Vauxhall, which it acquired from General Motors Co. (GM) almost a year ago, for $2.2 billion.

The French auto maker reported earlier this month that it sold 2.18 million vehicles in the first six months of the year compared with 1.58 million a year earlier.

The company confirmed its full-year guidance, forecasting a stable automotive market in Europe and growth of 4% in Latin America, 10% in Russia and 2% in China.

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