By Giulia Petroni
Renault SA on Friday said that revenue fell in the third quarter and expects further production losses, but confirmed guidance for its full-year operating margin.
The French car maker's quarterly revenue came in at 8.99 billion euros ($10.45 billion) down from EUR10.37 billion a year earlier. An analysts' consensus forecast provided by FactSet had forecast the figure at EUR8.93 billion.
In the quarter, Renault sold 599,027 vehicles world-wide, a 22.3% decrease on year due to production shutdowns and semiconductor shortages.
The company said it expects to register a production loss of around 170,000 units for the third quarter due to a lack of components and anticipates a loss close to 500,000 vehicles in the year despite reduced visibility for the fourth quarter.
Renault confirmed guidance for a full-year operating margin rate of the same order as the one of the first half. It also targets a positive Automotive operational free cash flow, excluding change in working capital requirements.
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