Visteon has recorded second-quarter net income down 29% to US$35m, while sales also dipped from US$774m to US$758m.
During the second quarter, manufacturers awarded Visteon new business of US$2.2bn in lifetime revenue. New business included the largest infotainment win and the biggest instrument cluster contract in the company’s history.
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The infotainment order is for a cross-platform, global system with an unnamed European automaker, with anticipated lifetime revenue of US$640m and launching in early 2020.
The digital instrument cluster contract is for high-volume, compact vehicles for a European automaker, with expected lifetime revenue of US$585m and launching in late 2020.
Visteon’s ongoing backlog, defined as cumulative remaining awarded life-of-programme expected booked sales, was US$21.1bn as of 30 June 2018, up from US$19.4bn at the end of last year.
“Our second-quarter results were impacted by lower vehicle production volumes, particularly in North America and new emissions regulations in Europe, offset by continued strong performance in China,” said Visteon president and CEO, Sachin Lawande.
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By GlobalData“Our products and technology continue to enable us to win record levels of new business in the evolving cockpit and safety electronics segments.
“Visteon’s core business remains strong and our order backlog keeps us on track to achieve our long-term targets despite near-term industry headwinds.”
