U.S. Markets closed

Peugeot Citroen 3rd quarter sales slump

PARIS (AP) -- PSA Peugeot Citroen said Wednesday its revenue continued to fall in the third quarter as shrinking European car markets and production disruptions by workers upset at a planned factory closure dented business.

The French maker of the Peugeot 208, Citroen C4 and other hatchbacks and sedans said its revenue for the July-September period fell 3.7 percent to 12.1 billion euros ($16.7 billion). The automobile division saw its sales fall by more, down 5.8 percent to 8 billion euros.

In a statement, the company blamed weak European markets as well as disruption to its C3 production line at a factory near Paris slated for closure. The company is in the midst of plans to shut factories and shed up to 8,000 jobs.

Peugeot Citroen's automobile revenue fell 7 percent in the nine months to end-September to 26.7 billion euros. For the full year, Peugeot Citroen expects the European market to decline 4 percent.

Peugeot Citroen lost nearly half a billion euros in the first half of 2013, and had to get a 572 million euro lifeline from the French government. The company is also being forced to sell assets to help fund its restructuring program as it struggles to compete in Europe's morose car market.