Business NEWS
Peugeot Citroen raises 2009 forecasts on Auto-Market Recovery
By Robert J. Steiner for CEOWORLD Magazine Updated:November 12, 2009
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French car maker PSA Peugeot-Citroen (UG.FR) (PEUP.PA) raised its full-year guidance for operating profit to break even due to the success of its new models and the recent improvement in auto markets.
The shares powered ahead, gaining 6.4 percent to 25.28 euros by 1034 GMT and underpinning an 0.8 percent rise in the Dow Jones Stoxx Autos index .SXAP and setting a 13-month high.
Chief executive Philippe Varin is due to unveil his long-term plans for the group to investors later on Thursday and the new outlook replaces a very downbeat forecast in July.
Late last month, the head of market leader Volkswagen (VOWG.DE), Martin Winterkorn, said there was no reason yet for premature optimism and that the business climate remained tough.
Analyst Adam Jonas at Morgan Stanley said that PSA had the “most conservative second-half guidance of any European (carmaker) this year”.
He added the higher guidance was positive for to all European volume players including Fiat (FIA.MI) and Renault (RENA.PA) Reuters reported.
European car sales rose 6.3 percent in September as vehicle-scrapping incentives boosted demand in Germany, France and the U.K., according to figures from the European Automobile Manufacturers’ Association.
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