Visteon has unveiled third-quarter net income up 54% to US$43m while sales dipped from US$770m to US$765m.
Third-quarter Electronics sales were US$765m, compared with US$749m for the same period last year.
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On a year-to-date basis through the third quarter, global vehicle manufacturers awarded Visteon new business of US$4.6bn in lifetime revenue. The ongoing backlog, defined as cumulative remaining life-of-programme booked sales, was US$18bn as of 30 September, 2017, up from US$16.5bn at the end of 2016.
“We continued our momentum in the third quarter with very solid performance, including improved year-over-year Electronics sales and adjusted EBITDA,” said Visteon president and CEO, Sachin Lawande.
“This marks our 11th consecutive quarter of year-over-year improvement in adjusted EBITDA margin, underscoring the strength of our technology and our discipline in managing operational costs.
“New business wins remained strong, highlighted by our first Phoenix infotainment win set to launch in 2020.
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By GlobalData“Overall, we grew our Audio/Infotainment wins by over 150% year-to-date compared with the prior year. Based on our overall new business wins, we are on track to meet our long-term growth targets.”
