7th Nov 2019 09:34
(Alliance News) - TI Fluid Systems PLC on Thursday reported a decline in revenue so far in 2019, but said it is outperforming a slow global light-vehicle market.
Oxford-based TI Fluid Systems, which makes automotive fluid systems in light vehicles, 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.
This was in comparison to a global light-vehicle market which registered a steeper 5.9% decline in production in the same period, the company noted.
TI Fluid System's third-quarter revenue was up 0.9% year-on-year, but fell 1.0% at constant currency. The firm said this was a "solid outperformance" of the global light vehicle market.
The company has reiterated guidance for 2019 provided in August when releasing interims.
By region, Europe & Africa revenue fell 2.0% for the nine-months, outperforming a 4.5% market decline, driven by strong revenue from tooling. Asia Pacific was down 3.2% compared to the market's fall of 3.8%, with new business wins in fuel tanks in China driving the outperformance.
In North America, revenue was 8.0% lower, hurt by lower launch activity in the region as well as TI Fluid's lower exposure to SUVs and light trucks.
Shares were 0.8% higher on Thursday morning at a price of 203.04 pence each. They had reached 216.50p in earlier trade.
By George Collard; [email protected]
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