Visteon Corporation said third quarter 2018 sales fell to US$681m, compared with $765m in Q3 2017. Net income was $21m or $0.71 per share, compared with $43m ($1.35) a year ago.
Adjusted EBITDA was $71m for the third quarter versus $83m in Q3 2017. Adjusted net income was $33m ($1.12 per share) compared with $45m ($1.42).
Global automakers awarded Visteon new business of $5.4bn year to date, the supplier said.
"The third quarter was very challenging, as vehicle production volumes were impacted in virtually every region," said president and CEO Sachin Lawande.
"Our new business wins remain strong, driven by our new technologies and products that address emerging trends in the industry. Despite near-term headwinds, we remain confident about our long-term growth."
Visteon updated its full year 2018 guidance with sales in the range of $2.95bn to $3.00bn and adjusted EBITDA of $315m to $335m.
Visteon recorded Q2 net income down 29% to US$35m while sales also dipped from US$774m to US$758m