Visteon has unveiled full-year and fourth quarter net income of US$75m and US$2m respectively, while sales for last year totalled US$3.2bn, a decrease of US$84m, primarily attributable to the sale of an interiors European facility in 2015.
In 2016, global vehicle manufacturers awarded Visteon new business of US$5.4bn in lifetime revenue, while fourth-quarter wins totalled US$1.3bn.
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Ongoing backlog, defined as cumulative remaining life-of-programme booked sales, was around US$16.5bn as of 31 December, 2016, up from US$14.9bn in 2015, an increase of 11%.
“We finished the year very strong and delivered exceptional financial results in 2016, a year in which we transformed Visteon into a leading player in the cockpit electronics segment,” said Visteon president and CEO, Sachin Lawande.
“We returned US$2.2bn in capital to investors during the year, while making significant progress on our strategic priorities, including winning US$5.4bn in new business – primarily in China and Western Europe – and executing a record 59 product launches.
“As the shift toward the all-digital cockpit gains momentum, we are very well-positioned to capitalise on opportunities as the only pure-play automotive cockpit electronics supplier.
“Our focus, strong balance sheet and broad product and technology portfolio place us in a formidable position to deliver performance for our shareholders, customers and employees. Our US$16.5bn business backlog provides a solid foundation to execute our five-year plan and grow sales to US$4.7bn by 2021.”
Full-Year 2017 Outlook:
Visteon projects Electronics Product Group 2017 sales of US$3.1bn to US$3.2bn. Adjusted EBITDA for the Electronics Product Group is projected in the range of US$355m to US$370m.
Adjusted free cash flow for the Electronics Product Group is projected in the range of US$165m to US$180m.
