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Automotive fluid storage provider TI Fluid Systems reported a fall in third-quarter revenue as chip shortages and supply chain production weighed on light vehicle production.
Revenue in Q3 was lower by 14.4% year over year at reported rates, owing to 'the lower production volumes, which represented a robust outperformance of 500 bps compared to the change in global light vehicle production for the quarter,' the company said.
Looking ahead, the company warned that these challenges were expected to continue through year end and into 2022 with 'global light vehicle production volumes now forecasted to return to pre-COVID levels in 2023.'
The company said it expects to deliver a high single digit adjusted EBIT margin at, or slightly above, 7% for the full year.