The following is a summary of the Forvia SE (FURCF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Forvia SE recorded strong sales in Q1 2024, outperforming by 390 basis points with solid order intake at €6.5 billion, a marked increase from the previous period.

• The company has already achieved a quarter of its second €1 billion disposal program.

• Forvia issued €1.2 billion of new debts to replace existing ones and extend the debt maturity.

• Revenues for FY 24 are projected to be between €27.5 billion to €28.5 billion.

• Forvia expects to continue outperforming between 300 points and 500 points in the coming quarters. The company's target for creating synergies year-on-year is estimated to be between €80 million to €90 million.

Business Progress:

• Significant progress has been noted in executing the POWER25 strategic plan aimed at reducing the company's debt.

• The company is advancing with EU-FORWARD, a 5-year project aiming to save €500 million by 2028 and restore competitiveness in Europe.

• Forvia is extending its China reach through a joint venture with Chery, targeting revenues of €1 billion by 2029.

• The company reported a large order intake of €6.5 billion in Q1 2024, primarily from Asia and the electronics business.

• In a bid to consolidate its position in China, the company sold off its commercial vehicle business in Q4, simultaneously, partnering with a lighting company in the region.

• Forvia's growth in the future is expected to come partially through the consolidation of its HBBL joint venture, a shared integrated dashboard offer, and a significant, diverse order intake.

• The company is also strategically focusing on growth in Seating and Interiors and operational performance improvement in these areas.

• Forvia is further diversifying its business by growing its electronics activity.

More details: FORVIA IR

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