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TI Fluid Systems Q1 revenues hit by currency headwinds
TI Fluid Systems said first quarter revenues fell 3.8% to 869m due to currency headwinds.
The company, which makes automotive fluid storage, carrying and delivery systems for light vehicles, said on a constant currency basis, revenue increased by 2.6% year-on-year over year and exceeded the growth in global light vehicle production by 3.3%, in line with expectations.
In Europe and Africa, revenue grew 1.1% at constant currency or 0.8% above light vehicle production volume growth in that region.
Asia Pacific light vehicle production decreased 1.2% compared to the same period last year. Revenue in this region slightly declined 0.9% on a constant currency basis. Solid revenue growth in China was offset by other countries.
In North America, revenue strongly increased 8.7% at constant currency or 11.4% above light vehicle production volume growth in that region. Strong programme launches continued in North America.
Chief executive William L. Kozyra said the results were in line with expectations.
"We successfully outperformed the global light vehicle production market and aim to continue this momentum as we progress through the year," he said.