Visteon’s net income more than triples during first quarter
Michigan-based electronics auto supplier Visteon Corporation reported that its first-quarter net income more than tripled to US$ 63 million or US$ 1.91 per diluted share from US$ 19 million or US$ 0.49 per diluted share in the same period of 2016, reflecting higher electronics production volume and new business.
During the first quarter, global vehicle manufacturers awarded Visteon new business of US$ 1.5 billion in lifetime revenue, with infotainment systems accounting for 44% of it.
The ongoing backlog, defined as cumulative remaining life-of-program booked sales, was approximately US$ 16.7 billion as of March 31, 2017, up from US$ 16.5 billion at the end of 2016.
Total revenue for the electronics product group had a smaller increase of 2.1% to US$ 810 million.
The infotainment and connected car solutions developer and manufacturer owns manufacturing plants in Reynosa and Chihuahua, where it also operates a Customers Center and a Technical Center.
Visteon’s customer portfolio includes brands such as Ford, Renault/Nissan, Mazda, BMW, General Motors, Honda, PSA, Jaguar-Land Rover, Volkswagen and Daimler.