An accumulator drier made by the supplier

TI Fluid Systems said in a trading update for the first quarter ended 31 March 2024 revenue declined slightly, though in line with expectations, down 0.4%.

Orders rose 6% to EUR685m and operational efficiency and productivity measures were on track.

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Group revenue was EUR847m, down 0.4% but ahead of a 0.8% decline in global light vehicle production.

Light vehicle production volume in Europe declined 1.5%. There was strong growth in fuel tanks and delivery systems, including on plug in hybrid platforms, partially offset by lower volume for EV thermal products.

In Asia Pacific, lower revenue in China was partially offset by strength in Japan and India.

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Revenue in the Americas was 2% lower due to the exit of a less profitable product line though there was growth fuel tanks on plug-in hybrid and ICE platforms as well as brake & fuel lines in a flat market.

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The supplier expects flat to low-single digit full year revenue growth and a further increase in adjusted EBIT margin to above 7.4% driven by productivity and efficiency initiatives.

Hans Dieltjens, CEO and president, said: “We have had a good start to 2024 reflecting our strong market position and agility as we capitalise on the strengths of our conventional portfolio and the opportunities of electrification.

“While there were fewer EV opportunities in the period, our total bookings in Q1 have increased.

“Our strong focus on productivity is delivering the expected benefits to our bottom line. While it is early in the year, our first quarter performance underpins our confidence that we are on track to achieve our 2024 outlook.”