5th Nov 2020 14:35
TI Fluid Systems PLC - maker of products that store and move fluids such as fuel and brake fluid around automobiles - Reports 23% revenue drop to EUR1.95 billion for the nine months ended September 30 from EUR2.52 billion a year before. This includes a drop in revenue of 29% in Europe & Africa to EUR727.4 million, 27% in North America to EUR515.6 million, 50% in Latin America to EUR27.0 million, and 7.6% in Asia Pacific to EUR680.7 million. By segment, Fluid Carrying Systems revenue falls 25% to EUR1.08 billion, while Fuel Tank & Delivery Systems revenue is 20% lower at GBP873.8. Completes amendment and extension of credit and debt facilities September 30, moving maturity dates out to 2024.
For 2020, excluding currency movements, TI Fluid Systems expects to beat global light vehicle production volume levels by 2.0%, in line with its outperformance in 2019. Forecasts annual adjusted earnings before interest and tax margin in the mid-single digit range and for adjusted free cash flow conversion to stay solid in the high double-digit millions. Full year net debt to drop from 2019's level of EUR738 million. Intends to recommend final 2020 dividend, and prior to that declared a 2020 interim dividend during the first quarter of 2021. It also will repay any UK employee furlough payments that were received by the end of 2020.
Current stock price: 208.75 pence; up 7.6% on Thursday
Year-to-date change: down 22%
By Anna Farley; [email protected]
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