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November 9, 2015

Visteon back in black this third quarter

Visteon's sales for the third quarter ended 30 September 2015 were up 1.9% year on year to US$808m. Pre-tax operating income was $31m compared to a previous-year loss of $11m. Net income rose to $5m from a $21m loss.

Visteon's sales for the third quarter ended 30 September 2015 were up 1.9% year on year to US$808m. Pre-tax operating income was $31m compared to a previous-year loss of $11m. Net income rose to $5m from a $21m loss.

Sales in the nine months to 30 September 2015 rose 35.5% to $2.43bn while pre-tax operating income was $153m versus a $36m loss in 2014. Net income was $2.26bn compared to $157m in red ink a year previously.

"We achieved solid performance in sales and adjusted EBITDA in the third quarter – our first full quarter as a company focused on vehicle cockpit electronics – and as a result we have increased our full-year guidance," said president and CEO Sachin Lawande. "We delivered strong cost performance in the quarter including ongoing synergies from the integration of the former Johnson Controls electronics business."

Visteon now projects 2015 sales for the Electronics Product Group of $3.05bn to $3.10bn. Adjusted EBITDA for the Electronics Product Group and Corporate costs is projected in the range of $265m to $285m.

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