TI Fluid Systems Q3 revenues outperforms light vehicle production volumes
TI Fluid Systems
151.20p
08:10 25/04/24
Fluid storage manufacturer TI Fluid Systems said on Thursday that third-quarter revenues had continued to outperform global light vehicle production volumes.
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TI said revenues had outperformed the market 2.2% but were still down 5.1% year-on-year as its results were supported by strong performances in the Asia Pacific region and its fuel tank delivery systems unit.
The FTSE 250-listed firm stated that all of its production facilities remained open across every region and added that it had demonstrated effective cost flexibility, free cash generation, balance sheet strength and liquidity.
TI also reinstated its 2020 full-year guidance, with an expectation of consistent year-on-year market outperformance and positive adjusted operating margins and free cash generation.
A commitment to resume annual dividend payments in accordance with policy was made, with the group also expecting to make a 2020 interim dividend in the first quarter of 2021 based on the strength of both its financial position and prospects.
As of 0845 GMT, TI Fluid shares were up 6.07% at 205.75p.