TI Fluid Systems Q1 revenue jump

In the three months to the end of March, revenues increased 15.2% from the same period a year earlier to €869.8m. TI, which manufactures and supplies automotive fluid storage, carrying and delivery systems, said growth was delivered by both of its segments and in each of the regions in which it operates.

"With light vehicle production (LVP) volumes increasing by 5.7% in the quarter, revenue outperformance, at constant currency, was 920 basis points (bps)," it said. "This outperformance was supported by product launches, favourable regional mix as well as our inflationary recoveries which delivered the expected benefits in the first quarter."

In the Fluid Carrying Systems segment, revenues rose 16.6% to €502.3m, while the Fuel Tanks & Delivery Systems (FTDS) business saw revenues grow 12.7% to €367.5m.

Revenue in Europe and Africa rose 20.5%, while Asia Pacific saw 5.8% growth and North American revenues were 17.1% higher.

Chief executive and president Hans Dieltjens said: "2023 has got off to a promising start with strong revenue growth, revenue outperformance across the business, good progress on inflationary recoveries and positive performance on BEV (battery electric vehicles) bookings, particularly with local Chinese OEMs, a specific area of focus for the group."