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Visteon Swings to Net Profit
Visteon Corp.’s net income in the fourth quarter of 2015 swung to a $21 million profit from a $138 million loss in the same period a year earlier.
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Visteon Corp.’s net income in the fourth quarter of 2015 swung to a $21 million profit from a $138 million loss in the same period a year earlier. Results were buoyed by a $92 million gain from discontinued operations.
Revenue in October-December rose 3% to $809 million for the Michigan-based supplier of automotive electronics.
For the full year, Visteon’s revenue jumped 25% to $3.2 billion. Net income zoomed to $2.3 billion compared with a $295 million loss in 2014. Adjusted free cash flow nearly tripled to $311 million.
Last year Visteon completed a strategic shift to products involving cockpit electronics and vehicle connectivity. The company sold its 70% stake in Halla Visteon Climate Control Corp., shed its automotive interiors operation in Germany and agreed to buy AllGo Systems Ltd., an India-based supplier of in-car electronics.
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