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Visteon’s Income Hurt by Restructuring, Divestment
Visteon Corp.’s net income fell to $2 million in the fourth quarter from $21 million in the same period in 2015, reflecting restructuring costs and last year's sale of an interior components plant in Germany.
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Visteon Corp.’s net income fell to $2 million in the fourth quarter from $21 million in the same period in 2015, reflecting restructuring costs and last year's sale of an interior components plant in Germany.
Fourth-quarter revenue for the suburban Detroit-based electronics supplier advanced 1% to $816 million. Net income from continuing operations swung from a $68 million loss to a $31 million gain.
Full-year revenue slipped 3% to $3.2 billion, and net income dropped to $75 million from $2.3 billion in 2015. Net income from continuing operations in 2016 more than doubled to $161 million on record sales by its core electronics business.
Visteon notes that it won $5.4 billion in new business last year, including $1.3 billion in the fourth quarter. The company's ongoing backlog of current booked sales grew 11% to $16.5 billion.
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