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Automotive fluid system maker TI Fluid Systems said it expected to report 'slightly' better-than-expected annual margins amid a fall in sales pinned on the pandemic.
Revenue for the year through December was seen falling to around €2.8 billion, with the fall, on a constant currency basis, to be in line with the decline in global light vehicle production.
Adjusted operating margin was expected to be slightly better than a mid-single digit range.
Adjusted free cash flow was expected to be 'well ahead' of the company's expectations, with year-end net debt at €0.6 billion.
'We have entered 2021 with solid momentum and are encouraged by the sequential recovery in our markets through the second half of 2020,' TI Fluid Systems said.
'Whilst the Covid-19 pandemic continues to create areas of uncertainty, we remain confident in the group's ability to outperform global light vehicle production on a constant currency basis, maintain high margins and generate strong cash flow.'