27th Jan 2020 08:32
(Alliance News) - TI Fluid Systems PLC said Monday it expects full-year results to be in line with management expectations and remains confident in its ability to outperform the global light vehicle production market.
Oxford-based TI Fluid Systems, which makes automotive fluid systems for light vehicles, expects to report revenue of EUR3.4 billion for 2019.
Adjusted earnings before interest and tax margin for 2019 is predicted to be broadly in line with the first half of the year. Adjusted free cash flow is anticipated to be "very strong and exceed" expectations.
The company in August 2019 had said that 2019 revenue would be lower year-on-year and adjusted earnings before interest and taxes margin would be in-line with the year before.
In 2018, the company's revenue totaled EUR3.47 billion and pretax profit was EUR217.1 million. Earnings before interest, tax, depreciation amounted to EUR373.5 million.
"We remain confident it the group's ability to outperform global light vehicle production on a constant currency basis, maintain high margins and generate strong cash flow," TI Fluid said.
The company reported revenue of EUR2.52 billion for the nine months to September, 2.0% lower year-on-year and 3.9% lower excluding currency movements.
TI Fluid Systems shares were trading 2.5% lower in London at 231.50 pence each on Monday. The company is scheduled to release its 2019 on March 17.
By Loreta Juodagalvyte; [email protected]
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