TI Fluid on track to hit full-year targets

3rd Nov 2022 08:18

(Sharecast News) - TI Fluid Systems reiterated full-year targets on Thursday after third-quarter revenues sparked.

The automotive fluid systems manufacturer said group revenue in the nine months to 30 September jumped 10.4% to €2.41bn, or by 4.5% on a constant currency basis. Sales rose in Europe and Africa, its biggest region, by 2.1% to €880.9m and by nearly 9% in Asia Pacific to €821.8m.

TI Fluid added that it was making "excellent progress" on its organic electrification growth strategy, with €0.9bn of lifetime revenue for battery electric vehicle awards booked in the year to date, €300m of which was in the third quarter.

Looking ahead to the current quarter, the firm acknowledged that inflationary cost increases were set to remain and that it was pursuing cost recoveries and price adjustment in response.

But it added: "Based on our current view of the fourth quarter, we expect to report full-year results in line with current consensus market expectations, with full-year revenue growth consistent with, or slightly below, global light vehicle production."

The full-year adjusted earnings before interest and tax margin was likely to be around 6%, TI Fluid added.