Visteon has reported first-quarter net income up 3% to US$65m, with sales of US$814 compared to US$810m last year.
During the first quarter, global vehicle manufacturers awarded Visteon new business of US$1.6bn in lifetime revenue. The ongoing backlog, defined as cumulative remaining life-of-programme booked sales, was US$20.1bn as of 31 March, up from US$19.4bn at the end of last year.
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“Our strong first-quarter results provided a solid start to 2018, as we achieved year-over-year improvements in sales, adjusted EBITDA, new business wins and free cash flow,” said Visteon President and CEO Sachin Lawande.
“Despite softness in global vehicle production volumes in the quarter, we recorded our 13th consecutive quarter of year-over-year growth in adjusted EBITDA margin.
“We were very pleased with multiple SmartCore wins – including an award from Geely Auto for its next-generation new energy vehicle platform.
“With the market transitioning towards electronic control unit consolidation, Visteon is in a very good position to continue to capitalise on this trend as the leader in cockpit domain controller solutions.”
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