Visteon Corporation second quarter (Q2) 2018 net profit was US$35m ($1.17 per share) compared with $45m ($1.41) a year ago on sales of $758m versus $774m.
Adjusted EBITDA was also lower at $81m for the second quarter, compared with $84m a year ago. Adjusted net income was $41m versus $44m.
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Visteon said it won new OEM business worth $2.2bn in lifetime revenue worldwide during the quarter.
"This new business included the largest infotainment win and the largest instrument cluster win in the company's history," it said in a statement.
The infotainment deal is for a cross-platform, global system with a large European automaker with anticipated lifetime revenue of $640m and launching early in 2020.
The digital instrument cluster contract is for high volume, compact vehicles for a global European automaker with expected lifetime revenue of $585m and launching late in 2020.
Visteon added its ongoing backlog, defined as cumulative remaining awarded life-of-programme expected booked sales, was $21.1bn at 30 June, up from $19.4bn at the end of 2017.
"Our second-quarter results were impacted by lower vehicle production volumes, particularly in North America, and new emissions regulations in Europe, offset by continued strong performance in China," said Visteon president and CEO Sachin Lawande.
"Our products and technology continue to enable us to win record levels of new business in the evolving cockpit and safety electronics segments. Our core business remains strong and our order backlog keeps us on track to achieve our long-term targets despite near-term industry headwinds."
Q2 sales decreased in the Americas, primarily reflecting lower vehicle production volumes, but increased in Europe, reflecting favourable currency, and in Asia, driven by new product launches. On a regional basis, Asia accounted for 39% of sales, Europe 34%, and the Americas 27%.
Gross margin for the second quarter of 2018 and 2017 was $104m and $111m, respectively, a decrease of $7m.
Visteon has updated its full year 2018 guidance with sales in the range of $3.10bn to $3.15bn and adjusted EBITDA of $350m to $360m.
