Visteon has posted a first-quarter net loss of US$35m compared to US$14m net income in 2019.
First-quarter 2020 net loss includes a US$33m charge the company took in respect to its recently announced restructuring programmes.
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First-quarter 2020 net sales were US$643m, compared with US$737m in the first-quarter of 2019. The decrease of US$94m is primarily due to the impacts of COVID-19.
Gross margin for the first-quarter of 2020 was $53m, compared with $66m in the same quarter in 2019.
“Despite the challenging market environment due to COVID-19, Visteon sales outperformed the market, driven by launches of our core products,” said Visteon president and CEO, Sachin Lawande.
“The proactive cost-reduction actions we implemented, combined with our strong balance sheet and a significant cash position, will enable us to weather the crisis and emerge as a strong, more competitive company.”
