Nexteer Automotive says it has reported record fiscal 2015 financial results.

The company said revenue increased by approximately 12.8% to $3,360.5m, up from $2,978.1m in 2014. Gross profit increased by approximately 29.7% to $544.9m.

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Profit attributable to equity holders of Nexteer increased by approximately 27.3% to $205.4m.

Laurent Bresson, president and global COO of Nexteer Automotive said: "By strengthening our technology leadership and streamlining operations, we continue to transform the company into a growing and profitable enterprise, with record earnings in 2015."

The company also said it maintained a backlog of $11.0bn following substantial program launches and claimed increased customer demand due to market strength.

Robust industry production and improved markets in North America, China, and Europe led to increased volume, Nexteer said. The company also continued to successfully launch new products in China, North America and Rest of World to deliver continued top line revenue growth. Nexteer's strong top line growth through successful launches and focus on operational efficiency, coupled with a strong automotive market, continues to drive earnings accretion and cash flow improvement.

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Guibin Zhao, chairman and CEO of Nexteer Automotive said: "I am proud of what we have accomplished in our journey to transform Nexteer into an agile, lean and independent global company. With a robust long term strategy and a strong balance sheet, Nexteer is poised for sustainable profitable growth."

Nexteer Automotive is one of the world's largest manufacturers of steering and driveline systems.

Nexteer Automotive's customers include BMW, Fiat Chrysler, Ford, GM, PSA Peugeot Citroen, Toyota, and VW, as well as automakers in India and China.