Visteon has posted third-quarter net income down 33% to US$14m.
Third-quarter 2019 sales were US$731m, compared with US$681m in the same period last year.
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The US$50m increase is primarily due to new product launches and consolidation of a previously non-consolidated affiliate, partially offset by lower vehicle production volumes, customer pricing and unfavourable currency impacts.
Gross margin for the third quarter of 2019 was US$84m, compared with US$82m in the same quarter in 2018.
During the first nine months of 2019, global vehicle manufacturers awarded Visteon new business of US$4.6bn in lifetime sales, with more than 60% from next-generation technology including digital instrument clusters, infotainment and displays.
“Our revenue growth in the third quarter reflected the positive impact of the high number of new product launches over the last 12 months,” said Visteon president and CEO, Sachin Lawande. “Despite a challenging vehicle production environment, our revenues increased by 7% year-over-year, representing ten percentage points over market.
“This is our highest growth over market in the last four years. With 35 new product launches and US$4.6bn in new business year-to-date, we are well-positioned to drive continued profitable growth globally.”
Full-Year 2019 outlook:
Visteon updated its full-year 2019 guidance, with sales in the range of US$2.925bn to US$2.975bn, adjusted EBITDA in the range of US$230m to US$250m and adjusted free cash flow in the range of US$40m to US$60m.
