Renault sales and profits fall on diesel, currency setbacks

Renault sales and profits fall on diesel, currency setbacks
FILE PHOTO - The logo of French car manufacturer Renault is seen at a dealership of the company in Illkirch-Graffenstaden near Strasbourg, France, January 10, 2019. REUTERS/Vincent Kessler/File Photo -
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PARIS (Reuters) - Renault's revenue and profits fell in 2018, hit by collapsing diesel sales, exchange-rate setbacks and a withdrawal from the Iranian market, the French carmaker said.

Revenue fell 2.3 percent to 57.42 billion euros (50.33 billion pounds), while recurring operating profit dropped 6.3 percent to 3.61 billion, for a 6.3 percent operating margin.

The carmaker said it was targeting operating margin of "around 6 percent" this year, a weaker goal than its previous pledge to exceed that benchmark in 2018.

Analysts had expected recurring operating profit of 3.52 billion euros on revenue of 58.1 billion, based on the median of 12 estimates from an Infront Data poll for Reuters.

Net income came in at 3.3 billion euros, down sharply from the 5.31 billion recorded in 2017.

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

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