12th May 2021 10:46
(Alliance News) - TI Fluid Systems PLC on Wednesday expressed confidence going forward as it outperformed the market in the first quarter of 2021.
The company which develops, manufactures and supplies automotive fluid storage, carrying and delivery systems said revenue was EUR787.0 million in the first quarter, reflecting a 9.7% increase year-on-year, as revenue continues to pick up in line with a recovery in light vehicle production volumes.
On a constant currency basis, revenue increased by 14% and outperformed global light vehicle production by 0.2%.
By region, in Europe and Africa, revenue increased by 5.9% at constant currency and outperformed light vehicle production volume in that region by 6.8%, benefitting from new thermal BEV business wins.
Asia Pacific revenue continued to be strong and increased by 50% at constant currency, outperforming light vehicle production volume in that region by 17%. Businesses have managed to stay well ahead of the market due to the impact of new business launches, particularly in China, TI Fluid explained.
In North America revenue decreased by 5.2% at constant currency and slightly underperformed light vehicle production volume in that region by 0.7%. The underperformance was caused by planned a ramp down of powertrain programmes, which offset the favourable impact of new business launches.
Going forward, the company said it remains confident that its full year revenue will outperform global light vehicle production volumes. TI Fluid said it continues to target a high single digit adjusted earnings before interest and tax margin.
FTSE 250-listed TI Fluid Systems shares were trading flat at 295.00 in London on Wednesday morning at 294.50 pence each.
By Evelina Grecenko; [email protected]
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