PARIS — Valeo says it has enough liquidity reserves and has taken “drastic cost-cutting and cash preservation measures” to help it survive the coronavirus crisis, as first-quarter revenue declined 8 percent.
The supplier said it was confirming the suspension of any 2020 guidance, given the uncertainty related to the crisis, which has shuttered factories and showrooms in Valeo’s major markets and regions.
Overall sales fell in the first quarter to 4.45 billion euros ($4.8 billion), from 4.84 billion euros in 2019, Valeo said in a statement.
Sales fell the most in the Asia/Middle East/Pacific region, which includes China, declining 16 percent to 1.02 billion euros ($1.1 billion). Europe/Africa region sales fell by 7 percent to 1.89 billion euros ($2 billion), and North American sales fell by 3 percent to 800 million euros ($868 million).
CEO Jacques Aschenbroich said that with 2.3 billion euros ($2.5 billion) in undrawn credit lines Valeo has “sufficient liquidity to withstand…
