Visteon has recorded second-quarter net income up 42% to US$45m, with sales of US$774m, up from US$773m
“Our second-quarter performance was very solid, with improved year-over-year sales and adjusted EBITDA,” said Visteon president and CEO, Sachin Lawande.
“Sales grew 3% excluding currency, despite flat global vehicle production volumes. This growth was driven by a high number of new product launches over the past several quarters, particularly in China. Adjusted EBITDA improved due to higher sales and our ongoing focus on cost reduction.”
“New business wins remained strong, with about 50% in the fast-growing segments of all-digital instrument clusters and display audio. With US$3.1bn in new business wins in the first half, we are on track to achieve our target for the full year.”
Full-Year 2017 outlook:
Visteon has confirmed full-year 2017 guidance for key financial metrics. The company projects 2017 sales in the range of US$3.1bn to US$3.2bn.
Adjusted EBITDA is projected in the range of US$355m to US$370m.