17th May 2022 10:04
(Alliance News) - TI Fluid Systems PLC on Tuesday said revenue fell in the first quarter of 2022, reflecting the continued disruptions to its supply chain, the conflict in Ukraine, and Covid-19 lockdowns in China.
Shares in TI Fluid were down 15% at 160.00 pence on Tuesday morning in London.
The FTSE 250 company, which makes products including brake fluids and fuel tanks for cars and trucks, said revenue in the three months ended March 31 fell 4.1% to EUR755.0 million from EUR787.0 million.
The company saw its steepest revenue decline in Latin America, where it dropped 19% against the previous year. The only revenue growth was in North America, where it grew 3.5% in the quarter against the prior year.
The Fuel Tank & Delivery Systems segment was to blame for the revenue underperformance, resulting from Covid-19 lockdowns in China and lower launch activity compared to the previous year.
Looking forward, TI Fluid expects margins in the first half of 2022 to be "modestly" lower than in the second half of 2021 due to disruptions in production, ongoing inflation and a time lag on recovered.
Nonetheless, TI Fluid expects in 2022 to outperform 2021's revenue figure, though it didn't specify to what extent.
By Heather Rydings; [email protected]
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