TI Fluid Systems PLC Q3 2018 Trading Update (6498G)
November 08 2018 - 2:00AM
UK Regulatory
TIDMTIFS
RNS Number : 6498G
TI Fluid Systems PLC
08 November 2018
8 November 2018
TI Fluid Systems plc
Q3 2018 Trading Update
TI Fluid Systems plc, a leading global manufacturer of highly
engineered automotive fluid storage, carrying and delivery systems
for light vehicles issues a trading update for the nine months
ended 30 September 2018 (the "period").
Group Results
The Group achieved solid revenue of EUR2,568.9 million in the
nine months ended 30 September 2018. On a constant currency basis,
revenue increased by 2.6% year over year and exceeded the growth in
global light vehicle production by 1.8%.
9 months 9 months
ended ended % Change
September September at constant
EURm 2017 2018 % Change currency
Group Revenue 2,592.4 2,568.9 -0.9% +2.6%
----------- ----------- --------- -------------
By Region
----------- ----------- --------- -------------
Europe and Africa 1,040.2 1,037.6 -0.2% - %
----------- ----------- --------- -------------
Asia Pacific 745.5 751.5 +0.8% +4.0%
----------- ----------- --------- -------------
North America 744.8 724.4 -2.7% +4.3%
----------- ----------- --------- -------------
Latin America 61.9 55.4 -10.5% +11.7%
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By Segment
----------- ----------- --------- -------------
Fluid Carrying Systems ("FCS") 1,531.2 1,520.2 -0.7% +3.3%
----------- ----------- --------- -------------
Fuel Tank and Delivery Systems
("FTDS") 1,061.2 1,048.7 -1.2% +1.5%
----------- ----------- --------- -------------
Revenue by Region
In Europe and Africa, revenue was flat at constant currency or
0.7% below light vehicle production volume growth in that region
due to mix and programme timings.
Asia Pacific revenue growth was 4.0% at constant currency or
2.8% above light vehicle production volume growth in that region
with positive growth in China continuing.
In North America, revenue growth was 4.3% at constant currency
or 5.7% above light vehicle production volume growth in that
region, with solid programme launch activity in the period.
Revenue by Segment
Each of the Group's segments achieved positive revenue increases
at constant currency with FCS growth of 3.3% and FTDS growth of
1.5%.
Summary
Global light vehicle production volume growth is expected to be
lower in the second half of 2018 versus the growth in the first
half of 2018.
The third quarter of 2018 experienced lower global light vehicle
production primarily, due to the introduction of new emissions
testing standards in Europe and to lower consumer demand in
China.
For 2018, we expect revenue growth in excess of global light
vehicle production volume growth but given our regional revenue
mix, the outperformance is expected to be less than in 2017 at
constant currency.
Outlook
The Group has a successful history of managing volume
fluctuations and given our flexible cost profile, we expect our
2018 Adjusted EBIT margin to be broadly in line with 2017 and
Adjusted Free Cash Flow to be in line with expectations.
Trading update call
TI Fluid Systems plc is holding a call for analysts and
investors at 09:00am UK time today.
Conference Call Dial-In Details:
UK: +44 (0)330 336 9105
Conference Code: 9817310
The audio recording will be available on www.tiautomotive.com
later today.
Enquiries
TI Fluid Systems plc
Alpna Amar
Investor Relations
Tel: +44 (0)1865 871824
FTI Consulting
Richard Mountain
Nick Hasell
Tel: +44 (0) 20 3727 1340
Cautionary Statement
This announcement contains certain forward-looking statements
with respect to the financial condition, results of operations and
business of TI Fluid Systems plc (the "Company"). The words
"believe", "expect", "anticipate", "intend", "estimate",
"forecast", "project", "will", "may", "should" and similar
expressions identify forward-looking statements. Others can be
identified from the context in which they are made. By their
nature, forward-looking statements involve risks and uncertainties,
and such forward-looking statements are made only as of the date of
this announcement. Accordingly, no assurance can be given that the
forward-looking statements will prove to be accurate and you are
cautioned not to place undue reliance on forward-looking statements
due to the inherent uncertainty therein. Past performance of the
Company cannot be relied on as a guide to future performance.
Nothing in this announcement should be construed as a profit
forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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