AUBURN HILLS — Nexteer Automotive (HK.1316), the Chinese-owned, Auburn Hills-based auto supplier, reported a 7.9 percent increase in profit attributable to equity holders to $380 million for 2018.
Revenue for the year was $3.91 billion, an increase of 0.9 percent from 2017.
The company said it generated $97 million in total cash flow for the year ended Dec. 31, which included the early paydown of $43 million of debt balances. Nexteer’s backlog stood at $25.2 billion at the end of 2018 – a 5.4 percent increase year-over-year from 2017.
“Our strong 2018 financial performance and continued enterprise diversification among product lines, customers and regions demonstrate that Nexteer is well-positioned for the future,” said Guibin Zhao, Nexteer chairman and CEO. “These results highlight our commitment to delivering long-term profitable growth for shareholders and long-term value for our customers, suppliers, employees and society.”
In the past two years, the company has added five new electric power steering customers – bringing its total number of customers globally to more than 60. In addition to gaining new customers, Nexteer has increased product exposure with current customers.
Nexteer also continued expansion and diversification of its global footprint in regions strategically important to key customers. In 2018, Nexteer opened a new manufacturing plant in Queretaro, Mexico and broke ground on new facilities in Chennai, India; Kenitra, Morocco; and Wuhan, China. Nexteer also announced the addition of a software center in India to support growing demand for software-enabled functionality in advanced steering applications. Both the India Software Centre and the Chennai, India manufacturing plant celebrated their grand openings in January 2019.
In 2018, the company successfully launched 22 new customer programs across multiple product lines, regions and customers, including the Fiat Chrysler Ram 1500 in North America. Working with global OEM customers and other industry partnerships, such as Continental and Wabco, Nexteer continued to strengthen its technology leadership and progressed the commercial readiness of new steering applications.
Nexteer is a global steering and driveline business delivering electric and hydraulic power steering systems, steering columns, driveline systems, as well as advanced driver assistance systems (ADAS) and automated driving technologies for automakers. The company has 25 manufacturing plants, three technical centers and 14 customer service centers located in North and South America, Europe and Asia. The company serves more than 60 customers in every major region of the world including BMW, Fiat Chrysler, Ford, GM, PSA Group, Toyota and VW, as well as automakers in India and China. More at www.nexteer.com.