Nexteer Automotive has reported that its revenue increased by approximately 24.8% to US$2.97bn, up from $2.38bn in 2013.

Laurent Bresson, president and global COO of Nexteer Automotive said:, “Our strong financial performance is a result of Nexteer’s commitment to innovation, continued globalisation efforts and unrivalled technology and product portfolio. Nexteer’s strengthened market position has allowed the company to diversify its customer base and grow in every major region of the world.”

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Gross profit increased by approximately 23.7% to $420m, up from $339.4m in 2013. The company said that profit attributable to equity holders of Nexteer increased by approximately 47.8% to $161.4m, up from U.S. $109.2m in 2013. It also said it has maintained a strong backlog of booked business at approximately $9bn.

The company said its 2014 profit was higher than forecast due to an increase in revenue from new programme launches related to previously booked business of 2014. Strong automobile industry production also resulted in higher demand for Nexteer’s products. 

Nexteer also said there was “continued rotation of Nexteer’s portfolio electric power steering”.

On the financial front, the IPO and listing of the company’s shares in 2013 on the Hong Kong Stock Exchange provided incremental liquidity to use in capital spending for new programmes, additional research and development expenditures, and working capital. In 2014, the issuance of senior notes and the refinancing of the North American borrowings further solidified Nexteer’s capital structure, providing strong liquidity and capital for growth, Nexteer said.

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Guibin Zhao, chairman and CEO of Nexteer Automotive said: “Technology is the competitive advantage that drives opportunity for Nexteer. The integration of advanced driver assist functionality into our systems is key to providing sustainable solutions that customers increasingly require. Our capital structure enables us to consider targeted acquisitions and alliances appropriate for our business. This is an enormous benefit as we look to develop collaborative strategies to continue to grow the enterprise globally.”