Renault Q3 revenues fall 6 percent on emerging markets\, Iran retreat

Renault Q3 revenues fall 6 percent on emerging markets, Iran retreat

Reuters  |  PARIS 

(Reuters) - French carmaker reported a 6 percent drop in third-quarter revenue, hit by a downturn in emerging-market sales and the group's withdrawal from

Revenue fell to 11.48 billion euros ($13.16 billion) in the three months ended Sept. 30, said on Tuesday, with automotive division revenue down by a steeper 8.4 percent at 10.06 billion.

Renault's global vehicle registrations rose 2.9 percent in the quarter, boosted by a new commercial van partnership with China's Brilliance. Excluding the joint venture sales, registrations outside fell 10.4 percent.

The revenue performance missed analysts' expectations for 12.17 billion euros at group level and 10.92 billion in automotive, excluding the Russian Avtovaz business.

Renault nonetheless reiterated full-year guidance for 2018 including an increase in revenue, positive automotive free cash flow and a group operating margin above 6 percent.

($1 = 0.8727 euros)

(Reporting by Laurence Frost; Editing by Sudip Kar-Gupta)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 23 2018. 11:19 IST