TI Fluid Systems PLC Q1 2018 Trading Update (1961O)
16 May 2018 - 4:00PM
UK Regulatory
TIDMTIFS
RNS Number : 1961O
TI Fluid Systems PLC
16 May 2018
16 May 2018
TI Fluid Systems plc
Q1 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 first quarter
2018.
Group Results
The Group achieved solid revenue of EUR869.0 million in the
first quarter. On a constant currency basis, revenue increased by
2.6% year over year and exceeded the growth in global light vehicle
production by 3.3%, in line with expectations. Revenue in the first
quarter was impacted by unfavourable currency translation resulting
in a year over year decrease of 3.8%.
EURm Q1 2017 Q1 2018 % Change % Change
at constant
currency
Group Revenue 903.1 869.0 -3.8% +2.6%
-------- -------- --------- -------------
By Region
-------- -------- --------- -------------
Europe and Africa 358.9 362.3 +0.9% +1.1%
-------- -------- --------- -------------
Asia Pacific 260.7 241.2 -7.5% -0.9%
-------- -------- --------- -------------
North America 262.7 247.6 -5.7% +8.7%
-------- -------- --------- -------------
Latin America 20.8 17.9 -13.8% + 4.5%
-------- -------- --------- -------------
By Segment
-------- -------- --------- -------------
Fluid Carrying Systems ("FCS") 530.3 521.0 -1.7% +5.7%
-------- -------- --------- -------------
Fuel Tank and Delivery Systems
("FTDS") 372.8 348.0 -6.7% -1.6%
-------- -------- --------- -------------
Revenue by Region
In Europe and Africa, revenue grew 1.1% at constant currency or
0.8% above light vehicle production volume growth in that
region.
Asia Pacific light vehicle production decreased 1.2% compared to
the same period last year. Revenue in this region slightly declined
0.9% on a constant currency basis. Solid revenue growth in China
was offset by other countries.
In North America, revenue strongly increased 8.7% at constant
currency or 11.4% above light vehicle production volume growth in
that region. Strong programme launches continued in North
America.
Source: IHS Markit, April 2018 and Company estimates
Revenue by Segment
FCS revenue grew 5.7% at constant currency with strong growth in
North America and benefitting from the continued strong programme
launches.
FTDS revenue slightly declined by 1.6% at constant currency
continuing to be impacted by programme timing as well as tooling,
development and prototype revenue timing.
HEV / EV Update
We continue to be intensely engaged with our key customers on
large volume Hybrid Electric Vehicles ("HEV") and Electric Vehicles
("EV") programmes and expect our Thermal Strategy to begin to show
results during 2018.
Summary
William L. Kozyra, Chief Executive Officer and President,
commented:
"We have delivered a strong first quarter of results, in line
with our expectations. We successfully outperformed the global
light vehicle production market and aim to continue this momentum
as we progress through the year."
Outlook
The 2018 outlook for the Group provided in the 2017 preliminary
results announcement remains unchanged.
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: 9713853
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 presentation. 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 company news service from the London Stock Exchange
END
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