VAN BUREN TWP. — Auto electronics supplier Visteon Corp. (NYSE: VC) reported net income of $45 million or $1.41 a share in the second quarter, up from $26 million or 76 cents a share a year earlier. Revenue was $774 million, virtually flat compared to last year’s $773 million.For the six months, net income was $108 million or $3.31 a share, up from $45 million or $1.23 a share a year earlier. Revenue was $1.58 billion, unchanged from a year earlier.
The company said global vehicle manufacturers awarded Visteon new business worth $3.1 billion in the quarter, boosting the cumulative of booked sales at $17.3 billion, up from $16.5 billion at the end of 2016.
Selling, general and administrative expenses were $53 million, down from $54 million last year.
Said Sachin Lawande, president and CEO of the company, based in Wayne County’s Van Buren Township: “Our second-quarter performance was very solid, with improved year-over-year sales and adjusted EBITDA. Sales grew 3 percent, excluding currency, despite flat global vehicle production volumes. This growth was driven by a high number of new product launches over the past several quarters, particularly in China. Adjusted EBITDA improved due to higher sales and our ongoing focus on cost reduction. New business wins remained strong, with about 50 percent in the fast-growing segments of all-digital instrument clusters and display audio.”
To listen to a replay of a conference call discussing these results, call (855) 859-2056 in the United States and Canada or $404) 537-3406 elsewhere, using conference ID 43585810.
More at www.visteon.com.