Visteon has recorded third-quarter net sales of US$747m, representing a year-over-year increase of 3% excluding the impact of currency.

Gross margin in the third quarter was US$99m and net income attributable to Visteon was US$6m.

Adjusted net income was US$38m, which excludes restructuring charges. Adjusted EBITDA was US$87m for the third quarter of 2020 or 11.6% of sales.

During the third quarter, the company was awarded US$1.5bn in new business, for a total of US$3.2bn for the first nine months. Visteon launched a record 23 new products in the third quarter, totalling 44 for the year to date.

"The proactive measures we took earlier in the year to control costs also helped Visteon achieve record profitability for a third quarter," said Visteon president and CEO, Sachin Lawande.

"We launched a record 23 new products in Q3, including products on flagship vehicles such as the new Ford F-150 and the Mercedes Benz S-Class. The combined projected lifetime revenue of these 23 launches is more than US$2.5bn and will help Visteon continue our market out-performance in the coming quarters."

The company advanced its growth strategy in the third quarter by launching a 12.4-inch digital cluster, telematics control unit and scalable audio solution for the 2021 Ford F-150, as well as a digital instrument cluster for Daimler's S-Class sedan.

The rest of the year remains strong says Visteon, with multiple programmes scheduled for launch during the fourth quarter.

New business wins included a 12-inch display for a Japanese OEM, the success of Visteon's Android-based VW Play infotainment system, which helped the company secure a similar Android infotainment award with a US-based OEM and an extension of its previously awarded battery management system.

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https://www.visteon.com/newsroom/visteon-announces-third-quarter-2020-results/

Original source: https://www.visteon.com/newsroom/visteon-announces-third-quarter-2020-results/