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(Sharecast News) - TI Fluid Systems backed its full-year outlook on Thursday as it reported "strong" revenue growth for the year to date.
In the nine months to 30 September, revenue grew 8.9% to €2.6bn, or 12.4% at constant currency, versus market growth of 9%. The company hailed strong growth across both segments and all regions.
Meanwhile, third-quarter revenues were up 0.6%, or 7% at constant currency, compared to market growth of 3.8%.
TI said Europe & Africa and North America delivered particularly strong growth. This was attributed to market volume growth, successful thermal product launches and inflationary cost recoveries.
The company said the impact of the United Auto Workers strike on third-quarter revenue was limited.
"Assuming the tentative agreements reached with the US original equipment manufacturers result in a full resolution, we expect only a modest revenue impact in Q4," it said.
Chief executive and president Hans Dieltjens said: "TI has delivered strong revenue growth in the first nine months of the year and we are confident in our full year guidance for revenue outperformance, strong EBIT margin expansion and robust cash conversion. We continue to make strategic progress, confirmed by our bookings for electrified vehicles."
At 0855 GMT, the shares were up 4.8% at 130p.
