SAINT-HERBLAIN, FRANCE -- Lacroix reported third quarter revenue for ongoing operations fell 9.5% from a year ago on slower demand from North America and a downturn in the automotive market.

The company's EMS unit saw revenue drop 12.6% to €114.6 million ($122.8 million).

In EMEA, EMS revenue was down 9%, with slower automotive sales partially offset by continued sustained growth in the avionics/defense segment, and a slight rebound in the HBAS (Home & Building Automation Systems) segment, even though the sector continues to face a crisis in the heat pump market. North America sales fell 19.6%, also affected by ongoing restructuring.

Cumulative EMS revenue for the first nine months of the year came to €382.7 million, down 10.2% year-on-year.

Group consolidated revenue was €143.9 million, compared to €172.5 million a year ago. Consolidated revenue does not include the City-Mobility segment, which in the process of being sold. The 16.6% decline in Group sales over the period, or the Road signs segment, which will be deconsolidated on April 30, 2024 following its definitive divestment.

Consolidated revenue was €494.2 million for the first nine months of FY 2024, down 6.3% on a like-for-like basis. Momentum for the Environment unit (up 13.6% over the period) and was offset by poor momentum in several market segments, notably automotive (down 10.2%).

The company confirmed a target revenue of around €640 million in 2024 on a consolidated basis (including four months of the Road signs segment and excluding City-Mobility). EBITDA margin is expected to be in the 4.0 to 4.5% range.

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