TI Fluid Systems PLC Q1 2019 Trading Update (9432Y)
May 15 2019 - 1:00AM
UK Regulatory
TIDMTIFS
RNS Number : 9432Y
TI Fluid Systems PLC
15 May 2019
15 May 2019
TI Fluid Systems plc
Q1 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 three months
ended 31 March 2019 (the "period").
Group Results
The Group achieved revenue of EUR849.8 million in the first
quarter, despite a soft light vehicle production environment, which
declined 6.7%. On a constant currency basis, revenue decreased by
4.8% year over year and outperformed global light vehicle
production by 1.9%.
EURm 3 months 3 months % Change % Change
ended ended at constant
March March currency
2018 2019
Group Revenue 869.0 849.8 -2.2% -4.8%
--------- --------- --------- -------------
By Region
--------- --------- --------- -------------
Europe and Africa 362.3 354.2 -2.3% -2.1%
--------- --------- --------- -------------
Asia Pacific 241.2 242.4 +0.5% -1.9%
--------- --------- --------- -------------
North America 247.6 237.0 -4.3% -11.6%
--------- --------- --------- -------------
Latin America 17.9 16.2 -9.3% +1.9%
--------- --------- --------- -------------
By Segment
--------- --------- --------- -------------
Fluid Carrying Systems ("FCS") 521.0 478.6 -8.2% -10.8%
--------- --------- --------- -------------
Fuel Tank and Delivery Systems
("FTDS") 348.0 371.2 +6.7% +4.2%
--------- --------- --------- -------------
Revenue by Region
In Europe and Africa, revenue decreased 2.1% at constant
currency and outperformed light vehicle production volume in that
region by 6.1% mainly attributable to favourable mix and tooling
revenue in FTDS.
Asia Pacific revenue slightly decreased by 1.9% at constant
currency and outperformed light vehicle production volume in that
region by 5.6%, primarily due to new business in fuel tanks.
In North America, revenue decreased by 11.6% at constant
currency or 9.1% below light vehicle production volume in that
region. This was primarily due to lower launch activity compared to
the same period in the prior year and mix.
Revenue by Segment
FCS revenue decreased by 10.8% at constant currency and was
impacted by the lower launch activity and mix in North America.
FTDS revenue grew 4.2% at constant currency and continued to
benefit from new business wins, primarily in Europe and Asia
Pacific, as well as related favourable launch timing and tooling
revenue.
Outlook
The 2019 outlook for the Group provided in the 2018 full year
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: 8575317
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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