TI Fluid Systems Reports Strong Revenue Growth
TI Fluid Systems, the U.K. car-fluid-storage manufacturer, has announced that it is on track to meet its full-year guidance after experiencing a substantial increase in revenue during the first nine months of the year. The company reported a revenue growth of 8.9%, reaching 2.62 billion euros ($2.77 billion). This growth was primarily driven by an 11% rise in revenue from its fluid carrying systems unit, reaching EUR1.52 billion. Moreover, TI Fluid Systems saw double-digit percentage increases in revenue across three out of four regions.
The growth in revenue from the fluid carrying systems unit can be attributed to the strong volume growth in the industry, along with successful launches of thermal management programs for hybrid and battery electric vehicles. Additionally, the company experienced a 6.4% increase in revenue from its fuel tanks and delivery systems segment, totaling EUR1.10 billion.
TI Fluid Systems reaffirmed its guidance of surpassing global light-vehicle-production growth this year. The company expects a margin expansion of more than 7% in adjusted earnings before interest and taxes, and anticipates adjusted free cash flow to be around 30% of adjusted earnings before interest, taxes, depreciation, and amortization.
Chief Executive Hans Dieltjens expressed confidence in the company's strategic progress, particularly highlighted by their bookings for electrified vehicles.
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