TI Fluid Systems PLC Q3 2019 Trading Update (5245S)
07 Novembre 2019 - 8:00AM
UK Regulatory
TIDMTIFS
RNS Number : 5245S
TI Fluid Systems PLC
07 November 2019
7 November 2019
TI Fluid Systems plc
Q3 2019 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 third quarter
and nine months ended 30 September 2019.
Q3 Trading
Despite the softer global light vehicle production market
background, Group revenue for the third quarter increased 0.9% year
over year at reported rates and decreased 1.0% at constant
currency. This represented a solid outperformance of global light
vehicle production in the third quarter of 2.2%.
By region, on a constant currency basis, Europe and Africa
revenue increased 2.8% and Asia Pacific revenue was flat year over
year. The rate of decline in North America reduced to 7.7% from
8.1% in the first half but continued to be impacted by mix and last
year's strong comparable period.
By division, FCS revenue declined 4.8%, for the quarter and
showed a solid improvement against the first half of the year. FTDS
revenue increased 4.4% in the quarter, benefitting from business
launches including tooling revenue.
Nine months ended 30 September 2019
The Group achieved revenue of EUR2,516.6 million in the nine
months ended September 2019, despite a 5.9% decline in global light
vehicle production. On a constant currency basis, revenue decreased
3.9% period over period and outperformed global light vehicle
production by 2.0%.
EURm 9 months 9 months % Change % Change
ended ended at constant
September September currency
2018 2019
Group Revenue 2,568.9 2,516.6 -2.0% -3.9%
----------- ----------- --------- -------------
By Region
----------- ----------- --------- -------------
Europe and Africa 1,037.6 1,016.6 -2.0% -2.0%
----------- ----------- --------- -------------
Asia Pacific 751.5 737.0 -1.9% -3.2%
----------- ----------- --------- -------------
North America 724.4 708.6 -2.2% -8.0%
----------- ----------- --------- -------------
Latin America 55.4 54.4 -1.9% +5.1%
----------- ----------- --------- -------------
By Segment
----------- ----------- --------- -------------
Fluid Carrying Systems ("FCS") 1,520.2 1,428.0 -6.1% -8.0%
----------- ----------- --------- -------------
Fuel Tank and Delivery Systems
("FTDS") 1,048.7 1,088.6 +3.8% +2.0%
----------- ----------- --------- -------------
Source: IHS Markit, October 2019 and company estimates
Revenue by Region
In Europe and Africa, revenue decreased 2.0% at constant
currency and outperformed light vehicle production volume in that
region by 4.5%, primarily driven by strong tooling revenue in FTDS
in advance of expected new business launches.
Asia Pacific revenue decreased 3.2% at constant currency and
outperformed light vehicle production volume in that region by
3.8%. Outperformance was primarily through continued new business
success with our fuel tanks in FTDS particularly in China where the
Group is benefiting from the automotive megatrends of reduced
evaporative emissions and fuel efficiency.
In North America, revenue decreased 8.0% at constant currency or
5.8% below light vehicle production volume in that region. Revenue
was impacted by lower launch activity in North America compared
with the prior period as well as mix with the Group's lower
exposure to SUVs/ light truck programmes in this region.
Revenue by Segment
FCS revenue decreased 8.0% at constant currency and was impacted
by the lower production in China and mix in North America.
FTDS revenue grew 2.0% at constant currency. We continued to
benefit from new business wins in Asia Pacific, as well as
increased tooling revenue in Europe.
Outlook
The 2019 outlook for the Group provided in the half-year results
announcement on 8 August 2019 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: 5921166
The audio recording will be available on www.tifluidsystems.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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